U.S. ECONOMIC CONDITIONS

Press, Volume LXXXV, Issue 25878, 10 August 1949, Page 7

U.S. ECONOMIC CONDITIONS

“OUTLOOK GIVES NO CAUSE FOR ALARM ”

OFFICIAL DENIES ONSET OF DEPRESSION

®ec. 9.30 p.m.) GENEVA, August 9. Mr Willard Thorp, the United States Assistant Secretary of State for Economic Affairs, said to-day the economic outlook in the United States gave no cause for alarm. “There are Symptoms of the deflationary spiral "Wch, in some previous periods) has to a depression and mass unemployment,” he said. Mr Thorp was replying in the united Nations Economic and Social council to claims that unemployment **as soaring in the United States, and mat the country was heading for a “ajor depression. Mr Thorp said: “The American ecoJW is showing a remarkable fyength of resistance to downward pressures in its post-war adjustment. jA?. e ? t ' da y production and employlevels are very high indeed, comPa £t d w ith pre-war days.” j,, 1 ?. e general index of industrial proicwn n in the United States in June, was per cent, lower than in RHii^ ak Period of 1948. but this was of icwn per cent - higher than the level th; Th e number of unemployed i was 3.800.000, an increase of of - sinc e last year, but a decrease J’•/JiO.OOO on the average for each $? th of 1939. civif Thorp said that the number in sqfifta a^ ern Pi°y ment in June, 1949. was or 1,700.000 fewer than in mnr e a u year a £°- but almost 14,000.000 1939 an the average for each month