THE ECONOMY: Prospect: Growth

Like sleet out of a grey winter sky, gloomy economic reports pelted out of Washington. The December industrial-production index drooped 7% below the level of December 1956. Personal income fell off in the steepest monthly drop since the alltime peak of last August. Year-end unemployment edged up 200,000 to 3.4 million to make it 5.2% of the labor force, the highest December rate since the recession year of 1949.

Against the wintry backdrop of statistics, President Eisenhower sent to Congress this week a calm reminder of the U.S. economy's strength and a firm prediction of its renewed...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!