THE ECONOMY: Bouncing Back

The Federal Reserve Board hauled down a storm signal last week. Ever since last November its production index, one of the barometers of U.S. business, had been skittering down. It had dropped 33 points to 162 in July, indicating a 17% fall in overall U.S. production. Last week FRB reckoned that production was bouncing up again and that the index for August had risen, probably back to the June level of 169.

The rate of industrial layoffs had slacked considerably. In the latest week, said the Labor Department, new claims for jobless benefits...

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