STATE OF BUSINESS: The Recession Is Over

Said Presidential Economic Adviser Gabriel Hauge last week: '"We have reached a position where the retreat from the July, 1953 levels has been stopped . . . where the economy is catching its breath for a new advance." As good omens for the future he listed the longer work week, the strength of retail buying, the stability of total output. Said Hauge: "The recession—call it whatever you want—is over."

But readjustments were still being made in many an industry. In the petroleum industry, sales have not come up to summer estimates. As a result of overproduction, wholesale gasoline prices skidded on...

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