Two of the major buttresses of a healthy and growing economy—industrial production and personal income—last week set new records. The Federal Reserve Board reported that U.S. industrial production in May climbed to a record high of 152% of the 1947-49 average, two points above the month before, and six points above the pre-recession high. In the nation's mines, mills and factories, broad production gains were chalked up in farm machinery, trucks and autos, building materials, metals, clothing, textiles, chemicals and paper. Auto production in U.S. plants was up 3.6% over the week before to 131,584 cars, a pace that...

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