THE ECONOMY: Muted Cheer

What the Department of Commerce saw in its May report on domestic business last week looked good. In May, most industries were still producing at a high rate. Manufacturing employment was off, but overall unemployment was down to 2,000,000, lowest since last fall. Retail sales were steady; there was no important break in the price structure. Average weekly pay, up 3% over April, was at a new peak of $48.86 in manufacturing industries.

Encouraged, the Department thought it might put out a statement that there was still no recession in sight. Then another group of Department economists brought in a second...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!