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...second quarter, said the Department of Commerce last week, the gross national product (goods and services produced in the U.S.) was running at a record peacetime rate of $270 billion a year, 2.8% over the first quarter's rate. In July, the Federal Reserve Board estimated, the index of industrial production was at a peacetime high of 199 (v. 161 a year before). Department-store sales for the latest week available (Aug. 5) were 29% above last year...
...seen anything yet. Congressmen on both sides of the aisle with special interests to serve went to work on the Spence bill. They amended it to weaken it; they amended it to strengthen it. The House agreed to make price controls mandatory if the cost-of-living index went up 5% above the level of June 15 (food prices had already gone up 2% to 3%); the White House shuddered at such a notion. Other amendments got in the bill: to exempt radio, television, periodicals and insurance underwriters from price control; to chop out a provision for controlling commodity speculation...
Although most other commodity prices either dropped last week or showed signs of leveling off, the Dow-Jones Futures Index-which gives consumers their best glimpse of price rises to come-closed at 177.34. It was still 4% under the postwar high, but about 15% higher than at the outbreak of the Korean...
Last week, in his mid-year economic report, President Harry Truman warned that he would impose controls "if it should become necessary," scolded those who would raise prices. He pointed out that already the daily wholesale price index had risen 10% since Korea. But even as his message was read, prices outdated him: the index had risen another...
This pressure put a new kind of strain on an economy which, even before the Korean war began, had spurted to a peacetime high. In June, the Federal Reserve Board reported last week, the index of industrial production had pushed to 197, two points above the November 1948 peak. The U.S. consumer also had plenty of cash with which to buy goods; the Commerce Department reported that wage and salary payments in May had reached a yearly rate of $139.2 billion, another peacetime record...