Index Down

A sharp decline in the public's spending throughout the U. S. last week caused TIME'S Index of Business Conditions to drop from 98.5 to 95.4. A contributing factor in the Index's third successive decline was evidence of a slight further expansion of inventory.

(A booklet explaining TIME'S Index and the principles on which it is based, may be obtained by writing the Editor of TIME, TIME & LIFE Building, New York City.)

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