THE ECONOMY: Midsummer Express

The Congressional Joint Committee on the Economic Report thought it had some fever-hot news: U.S. employment, production, income, prices and profits were all close to record highs in June. Yet by the time the committee reported its figures last week, they were already out of date. Everything had gone higher—and was still rising.

The pacesetter in the new whirl of the inflationary spiral was a 9% wage hike by U.S. Steel Corp. (see NATIONAL AFFAIRS). Big Steel's Ben Fairless promptly announced that steel prices would have to go up also. Bethlehem Steel...

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