Recent Trends in Capital Goods Production
Since 1929 there have been four distinct upturns in American business. The first spurt occurred in the summer of 1932 and according to the Federal Reserve Bulletin, was due largely to long deferred increases in textile output. The second came in response to the reopening of the banks in the spring of 1933. An anticipated rise in steel prices brought about a third brief upswing in May, 1934. The fourth is now in progress, and in two important respects it differs sharply from its predecessors. It is of considerably longer duration, and it is the first of these flights from depression to be accompanied by a marked gain in the production of capital goods.
The current upturn may be said ...