STATE OF BUSINESS: Sounds of Boom

• Share

The rosy statistics generated by the vigorous U.S. economy last week no longer spelled mere recovery. They gave every indication that the U.S. is in another boom. Items:

¶ Construction contracts in March soared 23% above a year ago to reach a new record for the month. Biggest gain: single-family houses, which went up 49% above a year ago. Apartment units also registered a sharp gain.

¶ U.S. department store sales rose 6% over the same week last year, are already up 8% for this year so far.

¶ The nation's steel companies continued their record-setting production pace, operating at 94.8% of capacity.

¶ Carloadings rose more than 18% over the same week last year, as the nation's railroads felt the sharp impact of increased business.

¶ Production of electricity rose 13.5% over the same week last year to provide the power for fast-moving industry.

¶ Factory pay set a new record in March, jumping to $79.68 after taxes for the average weekly pay of a worker with three dependents, 49¢ higher than in February, and 8¢ above the previous record set in December.