STATE OF BUSINESS: Elements of Strength

The old phrase "rolling readjustment" popped up last week. Said the First National City Bank Letter: "The rise in the various parts of the economy is no longer uniform. Some sectors are expanding while a few contract. Some, like housing, may be nearing the end of their adjustment period. Others, like automobiles, are now in the adjustment process. In other lines, however, there are few indications of slackening, and some are still gaining. In short, another 'rolling readjustment' is under way. It is unlikely that autos and housing will carry the rest of the economy with them...

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