Archive Report
Archive Report
The Federal Reserve Board's index of industrial production declined from 126 in June, 1929, to 117 in October, the month of the stock market collapse. This decline of 7.1 per cent in a period of four months, coming after an almost continuous rise since January, 1928, may be compared with the decline of this index in 1927, the last year of business recession, from 112 in March to 100 in December, a decline of 10.7 per cent.
The Federal Reserve Board's index of industrial production does not include building construction, which was less active during the first ten months of 1929 than in any corresponding period since 1925. Analysis of the decline in building has shown that it was due almost exclusively to a falling ...