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Production Up: TIME'S production index hit 149.0 (estimated) in the May 31 week, another all-time high. Final figure for the preceding week was 148.3. Based on the weekly index, FRB's May index will be about...
Part of these advances were already being felt in the retail markets, which is to say the housewives' pocket: the Bureau of Labor's index of retail food prices is up more than 4% since Christmas. Thus OPACS had a political as well as economic reason to take action. Last week it did, but consumers did not feel it. John Kenneth Galbraith, Princeton economics teacher who is Leon Henderson's price chief in OPACS, came down like a ton of brick on the high cost of-pepper...
Other costs have mounted too. Wages reached an all-time high. The National Industrial Conference Board put hourly factory-worker pay in February at 76?, 4? above a year ago. The Bureau of Labor Statistics' price index of industrial raw materials (August 1939-100) stood last week at 138.1, up 20% in twelve months...
Taylor Starck, for assistance in preparing an index of the "Old High German Glosses...
...turned over to Budd when he joined the Defense Commission. The study's recommendation: a 500,000-car building program, with 100,000 to be ordered at once. Its warning: without new cars the railways would be in trouble as soon as the Federal Reserve Board production index neared 160; at that level of business activity they would create a first-class mess if they dumped rush orders for 100,000 cars on to overworked steel mills, fabricators and foundries. To Budd this viewpoint was the talk of "astronomical statisticians...