Steady

An elder statesman of U.S. industry last week took a look into 1949--and blinked his eyes at the rosy glow. The reason for the glow, thought General Motors' Afired P. Sloan Jr., was the continued high rate of spending for plant expansion and new construction, which now accounts for about 6% of the gross national product. Said he: "As long as that [expansion] continues ... I am sure that the impact on consumer goods and durable goods will give us a high level of national income."

There were other signs that U.S. industry, despite the soft spots in numerous lines, was holding steady. In October, reported the Federal Reserve Board last week, an -upturn in the output of durable goods had sent its index of industrial production up three points to a new peacetime record of 195. Although the Bureau of Labor Statistics found "unexpected declines" in employment in consumer goods industries, total non-farm employment had hit a record 46 million in October, 1,200,000 higher than a year ago.

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