Most economists agree that sustained U. S. recovery depends on a real rise in demand for producer goods. Last week there were signs of such a rise. Meanwhile, General Motors' report on 1938 earnings brought home last year's ominous disparity between recovery in consumer and producer goods.
General Motors is the biggest unit in the great U. S. automobile industry (consumer goods). G. M. had a 1938 profit of $102,320,000 compared to a 1937 profit of $196,436,598. The last quarter of 1938 was the ninth best in G. M. history, contributing $63,932,000 (about 62%)...
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