Marching On

From key industries, the reports last week showed a picture of recovery marching forward, solid and continuing. Items: P: Auto output dipped a bit, but still cruised on 7% ahead of 1958. Most of the decline (down to 117,050 units, v. 119,678 the week before) was caused by parts shortages, but production is expected to rise again this week. American Motors, still working a six-day week, kept producing and selling Ramblers apace. P: Steel production, though somewhat behind the forecasts, set a 19-month high with 76.9% of rated capacity and 2,178,000 tons' actual production. This week's schedule: a jump to 79.7% and the best level since the boom-time days back in April 1957.

P: Copper, a weak sister among metals, recovered to the point where domestic producers boosted prices 1-c- a Ib. to 30-c-, the highest level since mid-June 1957. Increased demand from automakers, electrical-equipment manufacturers and home builders led domestic producers to predict continuing recovery during the remainder of 1959. P:Construction in January slipped slightly from December but still posted an all-time record for the month at $3.7 billion, v. $3.3 billion in 1958. P: Department-store sales as a measure of consumer confidence increased 8% from the comparable period in 1958. The full-month totals for January show a 6% increase over last year. Of twelve Federal Reserve Districts reporting, only one of them, Minneapolis, failed to gain. P: Freight carloadings rose 5.8% last week for the biggest year-to-year improvement since August 1957.

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