STATE OF BUSINESS: Sedan to Casablanca

Sedan to Casablanca

Between the low pit of Allied fortunes (the collapse of France, June 1940) and the high tide United Nations success reached this week, the U.S. economy did this:

> Federal Reserve Board Index of industrial production rose from 121 (1935-39 = 100) to an estimated 187.

> Steel operating rate rose from 84.5 to 100.1% of capacity.

> Merchant-ship construction rose from a piddling four ships in one month to an unprecedented three per day.

> Total civilian and military employment rose from 47,746,000 to 59,200,000, and manufacturing employment...