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...That brought the total of such areas in March to 101-fully two-thirds of all the nation's major industrial areas, and the highest such total on record. In the 1958 recession the peak was only 89 areas. The Labor Department also announced that the consumer price index, which dropped in January for the first time in 13 months, rose one-tenth of 1% in February to return to December's alltime high of 127.5% of the 1947-49 average...
...risen. Says Drew: "It should not be supposed that the public is always wrong and the professional always right." Drew's own record at calling the market's turns (he does not predict trends, only charts them) has been mixed. He claims that his odd-lot index called the exact bottom of the market in the 1948-49 and 1953-54 recessions. But his critics charge that on at least one occasion, in the summer of 1958, when odd-lot purchases were high, Drew's theory indicated that it was time to sell. Those who did were...
...recession has bottomed out, judging by the industrial production index. After six months of steady decline, the index held steady in February, announced the Federal Reserve Board, maintaining January's level of production (102% of the base year 1957 average). Other signs of improvement...
Everybody from A (Adlai) to Z (Zorin) got into the main act last week, along with the two Ks (Kennedy and Khrushchev). A partial index of the variety of names that make news in this week's TIME...
...make it more difficult for already-high-wage U.S. industry to sell abroad. But the Labor Department study reported that after the 1956 boost, the prices of goods produced by low-wage industries showed a "negligible change" over the period 1956-60 as a whole, while the all-commodity index of prices rose 6.6%. Thus the big price boost came in the industries above the minimum. Reason: low-wage industries are often prodded by a minimum-wage boost to increase productivity, cannot raise prices without pricing themselves out of the market. As for foreign competition, the President noted that "more...