There is now an impressive amount of evidence that the superheated U.S. economy is losing a lot of steam. Aside from the plunge in housing, there is a developing downturn in steel, industrial-plant expansion and retailing. Though not yet falling, the rate of gain is flattening for personal income, consumer installment debt and even the paperboard-box industry, which is widely regarded as a sensitive barometer of business. Last week the Federal Reserve Board re ported that the total output of the nation's mines, mills and factories slipped in November—for the second month in the last three.
Many economists were disturbed by...
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