Climbing Out

Despite a slip in retail sales, which dropped 3% from last year's levels in the first four months, there were plenty of signs around the U.S. last week that the economy was still climbing out of the recession valley. Items: P: Industrial production in May climbed two points to 125% of the 1947-49 average for the nation's mines and factories, the first increase in ten months. Steel production edged up to 73% of capacity.

P:The stock market, which dipped nine points in a period of two days, jumped back almost as sharply. The Dow-Jones industrial average closed out the week at 327.91, less than a point below the 1954 high of 328.67.

P: Construction outlays, after five months of heavy building, will probably hit an alltime high this year. The Commerce and Labor Departments, which earlier estimated 1954 construction at $34 billion, last week predicted that it will hit $36 billion, almost 2% above 1953's record level.

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