In the final economic prognosis of his Administration, Dwight Eisenhower last week predicted an economic pickup soon. The 214-page report, while stressing that "economic activity continues high," took note of the downturn without referring to it as a recession. It emphasized the economy's progress rather than its halts. Nonetheless, the minus signs loomed large in new economic figures that were not available when the report was prepared. Raymond Saulnier, outgoing chief of the President's Council of Economic Advisers and the report's chief architect, admitted that things may be worse than they seemed when the report was written.
Like most economists,...
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