STATE OF BUSINESS: The Morning After

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The ides of March came and went last week, and brought with it the most widespread depression talk in a decade. The sound and fury were touched off by publication of the unemployment totals for February, showing 5,173,000, or 6.7% of the labor force,* out of work, considerably more than in the 1953-54 downturn, but about the same as in the 1948-49 recession.

To add to the gloom, the latest production estimates from the Federal Reserve showed a three-point drop to 130 on the index in February, a total six-point decline...

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