THE ECONOMY: Underlying Demand

The Department of Commerce, shuffling through its latest statistics, last week found that the "overall picture appears to be one of sustained underlying demand." According to the Department's Survey of Current Business, the slump came largely because businessmen satisfied the demand for goods out of inventories, instead of from new production. When inventories are depleted, production will have to pick up; and so long as demand stays as high as it was at midyear, said the Survey, the slump will be only a "temporary" affair.

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