The upward swing of the business cycle is rarely smooth. Some industries and regions generally expand more rapidly than others, and all sorts of disproportionalities typically emerge. There is, however, something strikingly different in the unevenness of the current recovery. For this time it is the crucial steel industry-the supplier of raw materials for the construction, capital goods, and consumer durables industries--that is not merely lagging behind but in serious trouble. So much so that the staid New York Times, surely no scaremonger when it comes to reporting business news, headlined a recent major article, "Crisis Deepening in American Steel." (September 29, 1977)
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