The Annual Economic

Review

January 1953

A Report to the President

By the

COUNCIL OF ECONOMIC ADVISERS

LETTER OF TRANSMITTAL

The PRESIDENT:

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 acknowledge 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 performed 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 intervals during more than 6 years.