The Annual Economic
A Report to the President
COUNCIL OF ECONOMIC ADVISERS
LETTER OF TRANSMITTAL
COUNCIL OF ECONOMIC ADVISERS,
Washington, D. C., January 12, 1953.
SIR: The Council of Economic Advisers herewith submits a report, the
Annual Economic Review: January 1953, in accordance with section
4 (c) (2) of the Employment Act of 1946.
The members of the Council, in this our final Review, desire to ack-
nowledge the fine assistance and cooperation received during its preparation
from economists on the Council's staff, including Karl M. Arndt, Benjamin
Caplan, John C. Davis, Rosalie K. Epstein, Joseph L. Fisher, Catherine A.
Heitzman, Frances M. James, John P. Lewis, David W. Lusher, Walter S.
Salant, Charles Schultze, Mary W. Smelker, Penelope Hartland Thunberg,
Haskell P. Wald. We desire also to cite the conscientious hard work per-
formed by our administrative and clerical staff, including Mayme Burnett,
Catherine T. Connors, Margaret F. Foley, Robert A. Garlock, Margaret E.
Gooding, Cathryn S. Inman, Nina A. Kleger, Joseph W. McKenney,
Mary M. Millspaugh, Isabelle M. Peterson, Dorothy L. Reid, Odelia C.
Scales, Gertrude Shepard, Royal E. Shepard, Mabel Skrock. And without
listing their names, we shall never forget the contribution made by earlier
Council members and staff during the vital formative years of the Council
and its work. Finally, our work would not have been possible without the
constant cooperation of other governmental agencies and personnel upon
whom we must draw heavily for data and critical evaluation; or without
the eager and continuous interest of those representatives of business, labor,
farm, and consumer groups with whom we have consulted at frequent inter-
vals during more than 6 years.
CHAPTER I. DEVELOPMENTS DURING 1952
The economy in general
Employment and unemployment
Trends within major sectors