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...Consumer Price Index in August declined .1% from the July record to 124.8% of the 1947-49 average, the first decline in the index since last February. Primary reason: a .9% drop in food prices, which made up for an average increase of .2% in nonfood commodities and services...
...stock market, which has drifted steadily lower for seven weeks, last week apparently found bottom. In two days stocks bounded up 16.40 points to 632.85 on the Dow-Jones industrial index, the biggest increase in seven months. The slide had not been caused by heavy selling but by a lack of buyers; volume had been thin. Many a broker guessed that the 615-to-620 level, where the market had found strong support last week, may turn out to be a firm bottom from which the market will rise to new peaks...
...probably had the money in his mattress for 25 years,'' said a fund executive, "but we're getting used to this sort of thing." This "sort of thing" was such a rush to buy shares in British corporations that the Financial Times's share index soared to 259.7, up from 188.1 last fall. Many a broker grumbled that the invasion of new, little investors was forcing prices so high that yields for longtime investors were being sharply...
Although employment figures did not show the effects of the steel strike, the Federal Reserve Board's industrial production index did. Some 100,000 workers were laid off in mines and railroads, and carloadings dropped to 532,304 cars, lowest for a comparable week in years. Last week the Steelworkers Union and others called a strike at Kennecott Copper Corp. and Magma Copper Co. that idled another 15,000 workers. As a result, industrial output declined 1% in July to 153% of the 1947-49 average, two points below the record June level of 155%. But activity in most...
Chairman Martin pointed out that the index of industrial growth is a more significant indication of the economy's bustle than many other indicators, such as gross national product. It is a pure index of real production, does not include the inflationary rise in prices, which often makes the rise in other indexes seem greater than it actually is. Said Martin: "As the structure of the economy keeps changing, the job of combining measures of its many parts into a single index cannot be done without having to make major revisions every few years." With increasing use of electronic...