Dollar Devaluation Debate Shapes Postwar Trade Policy
A U.S. trade balance slide of the second quarter costs billions in GNP and raises talk of currency devaluation. Some lawmakers and AFL-CIO voices urge import quotas to protect jobs while others push for a controlled dollar devaluation to head off protectionism, with experts split on timing and method.
New York Times Index Shows Decline Amid Economic Scrutiny
The New York Times weekly business activity index fell to 366.2 from 374.5, reflecting long term trend adjustments. Government officials offer reassurances as markets react to labor tensions, steel dividend cuts, rising prices, and a widening trade deficit, with deficits reaching 23.24 billion dollars.
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Going metric the nation faces costly switch
Sylvia Porter explains the U S plan to adopt the metric system after a two and a half year study by the National Bureau of Standards. Congress must vote on timing and funding as costs range from ten to one hundred billion dollars. Small businesses and key industries would feel the impact while exports could rise as the nation aligns with major world powers. The metric system promises simplified units and widespread current usage in science and tech.
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Major Revisions Reported On Industrial Production Index
The Federal Reserve Board announced major revisions to the industrial production index. Since 1963 output is now shown to be about 4 percent higher than previously thought, with no change to long term trends. The peak before the recent recession is now dated September-October 1969 and the change shifts the basis of the index toward physical volume and electric power usage.
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