STATE OF BUSINESS: New Look at Growth

One of the hottest politico-economic arguments in the U.S. involves the question: Is the U.S. growing fast enough? Last week the Federal Reserve Board produced factual proof that the industrial side of the U.S. economy is growing much faster than the Federal Reserve — and most economists — had charted. The faster pace was revealed when the Fed updated its industrial-production index for the first time since 1953; output has been rising at a rate of 4.1% a year from 1947 to date, v. 3.7% previously calculated. As a result, the revised index hit a peak of 166 (1947-49...

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