State of Business: The Hard-Core Million

By most measures, U.S. business last week was good and getting better. Industrial production and personal income were running at alltime highs. From Commerce Department statisticians came news that December had been a record month for the nation's retailers, who rang up more than $20 billion in Christmas sales. Automakers, beaming over three straight months of record business that pushed 1962 car sales to the second highest level in history (see box), were working some plants on six-day overtime schedules in the expectation that 1963 will be very nearly as good as last year.

On Wall Street, where the Dow-Jones...

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