In 1942, the Office of Economic Stabilization (OES) was created to combat rising inflation. Under this mandate, the OES controlled the allocation of scarce raw materials for wartime industrial production.

In May 1943, the Office of War Mobilization (OWM) was established to coordinate all government agencies (including the OES) involved in the war effort.

Oregon Office of Economic Analysist

Overcoming initial problems, the U.S. government became quite successful in coordinating the wartime economy. Industrial production increased from $8 billion in 1941 to >$30 billion in 1942. In 1944 American factories produced twice as much war material for the Allies as the entire Axis.