IC 7106 Nonmetallic Mineral Industries In 1939 ? Background

In 1939, American industry got, off to a poor start, slowed down further during the first quarter, quickened after May, speeded up still more when war broke out again in Europe, and ended the year at a pace close to an all-time record. The average index of general business activity for the entire year (105) was well ahead of that for 1938 (86), failed to equal that of 1937 (110), and fell behind the average for 1929 (119) by a wide margin. (Federal Reserve Bank yearly indexes in parentheses).