U.S. Congress, Joint Committee on the Economic Report, Subcommittee on Economic Stabilization. (1955). Automation and technological change: Hearings … 84th Congress, 1st session, October 14–28, 1955. Washington: U.S. Government Printing Office, pp. 29–37 · 1955-10-14
Read it with this context. Without context the subject (automation) is missing. The preceding sentence says there have been no mass layoffs, because normal turnover disguises the displacement. Data cited on the same page: average 63.4% reduction in employee requirements in 12 cases (Osborn dissertation).
Why: Fresh-context audit (A1) judged that the quotation misleads when shown alone.