The U.S. is now in a mild recession that should end in the second half of 1961. This was the consensus of 200 business economists attending the convention of the National Association of Business Economists last week in Manhattan. If the economists needed any more figures to support their view, they got them next day from the President's Council of Economic Advisers. The council announcedas had been expected (TIME, Oct. 17)that the gross national product fell $2 billion in the third quarter to an annual rate of $503 billionthe first drop (except for the steel strike) in two years.
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