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Trouble No. 1. Detroit Builder George Miller knows why houses aren't selling: a house he could build in 1940 for $5,090 costs $9,990 today. The NHA index of building costs for a standard house stood at 137.4 (1935-39 average = 100) on V-J day (see chart). In the next 18 months it jumped as much as it had in the previous six years. But the real shocker was the way costs had skyrocketed in the last six months...
...factor in current food prices was the abnormal exports. The Government's much-criticized support buying, as Harry Truman said, was so far a negligible factor (see BUSINESS). But a sensitive price structure reacted violently to the slightest change in normal domestic supply. Washington economists figure that the index of farm prices rises 17 points every time the U.S. sends $500 million worth of food abroad. This index has risen from 209 in March 1946 to 280 in April...
...Year. The stockmarket, depressed by strikes and alarms over prices, tumbled 4.76 points in the Dow-Jones industrial index to end the week at 171.76, a new low for 1947. On the first day of this week, in the broadest market in stock exchange history, it plummeted 5.07 points more, the worst daily drop since last November...
There was plenty of action in the smaller rings. The price of hogs went up to an alltime high of $30 a hundredweight, almost double the price of five months ago. Many another commodity edged up enough to shove Dun & Bradstreet's weekly index of wholesale food prices to a record high. Some metals rose too. Lead went up 1? to a new high of 14? a lb.; copper worth only 14 3/8? under OPA ceiling rose to 21? a Ib. Silver, which had sagged to 70? a Ib. in February, now somersaulted...
...hundred and forty thousand telephone employees have voted to walk out early next month. The Nation's basic industries--steel and coal--will be fortunate indeed if they are not strikebound when the company-union contracts expire on April 30 and March 31 respectively. And last week, as the index of wholesale prices jumped seven points, opening a way through which the cost of living may leap to fantastic new levels, organized labor grew restive. Almost all of the big unions, especially those in the rubber and automobile industries, are expected to ask for higher wages...