Word: auto
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Dates: during 1950-1959
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Many another business took an optimistic view. The American Retail Federation reported to President Eisenhower that it expected this year to set a new record for retail sales, surpassing the previous peak last year. In Detroit, where auto production is tapering off for model changeovers, Chrysler Corp. estimated that it would have 84,400 workers on the payroll in the Detroit area by mid-November, up 30,300 from last month, when 1954 model output stopped, and just 3,600 under the year's high of last January. The Department of Commerce reported that industrial production bounced back...
There were other hints last week of a continuing boom for business. With the auto industry getting ready to buy steel for 1955 models, steel production is beginning to pick up, as steelmen had predicted it would, rose to 64.8% of capacity from 63.5% the week before. Jobs were becoming more plentiful, too. For the sixth consecutive week the Labor Department reported a decline in new claims for unemployment benefits. Business failures were down to 184, the year's new low; department-store sales and installment buying were...
...them related to the Title I home-improvement program, which offered wide opportunities to veteran con men. The sharpers obtained loan money by inflating estimates of construction costs, supplying fictitious credit ratings, forging signatures on notes, faking project-completion certificates, etc. Some of the loans were diverted to making auto and alimony payments, and even to paying gambling debts...
CHRYSLER CORP., whose car sales have dropped (from 20% of all auto sales in 1953 to 14% now), is going all out this fall to recover its position. Chrysler and Plymouth are coming out Nov. 17 with 55 completely new models. President L. (for Lester) L. (for Lum) Colbert even gave a surprise pep talk to the United Automobile Workers' 175-man Chrysler Council to enlist the union's help...
...postwar race for world markets, the U.S. gave itself a heavy handicap. It poured $35 billion of foreign-aid money into the economies of other countries (e.g., $207 million into Europe's iron and steel industry, $35 million into its auto industry). To many businessmen, the foreign-aid program has succeeded too well; they complain that they are losing business to their eager new competitors abroad...