Word: billion
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Dates: during 1950-1959
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Gross national product will probably rise $10 billion in each of the first two quarters, then flatten out to end the year around $480 billion for a 6% increase. Inventories have already reached bottom, will slowly be rebuilt. Businessmen are once again increasing their outlays for plants. Forecast: up $1 billion to $31 billion. Says A.T. & T. President Kappel, who will add $2 billion to the $2.2 billion he laid out last year: "When the recession came along, we had to decide whether to trim capital expenditures as in past recessions. We felt sure that renewed growth was coming...
...increase next year. One of the axioms of the new economics-and the exact opposite of the copybook maxims-is that rising consumer debt is a sign of prosperity, expanding in times of optimism, contracting in times of doubt. With recession in 1958, consumers paid off $1 billion in auto debts, the highest repayment since World War II. Now, with recovery, they should be in the mood to borrow for cars again. While predictions are for a 5,500,000-car year, automen think they may do a lot better. One hopeful sign at year's end: cars were...
...current Government fiscal year, the red ink will be about $12 billion; though President Eisenhower plans to present a balanced budget to Congress for the year beginning July 1, the outlook still is for a deficit of upwards of $3 billion. This may well be trimmed as Government income rises with business. Few economists believe that inflation can be ended, barring a depression, since a rising price level has been with mankind since the dawn of time, and is almost inevitable in a dynamic economy. The problem is to keep it within bounds-under a 1½% price rise...
Another question mark for 1959 is the state of the nation's foreign trade. To the delight of foreign countries, the new economy's huge purchases kept imports at record rates, though exports plummeted from a peak annual rate of $20.5 billion in 1957 to $16.6 billion the first half of 1958. Gold flowed out of the U.S. at such a rate that there was talk of a flight from the dollar. While exaggerated, the talk underlined the fact that foreign companies are engaged in a vast modernization program, which, with lower labor costs, will give them...
...Wall Street, home of the House of Morgan. From The Corner last week came news that J. P. Morgan & Co.. Inc. will merge with Guaranty Trust Co. of New York, provided the trustbusters approve, to form the fourth largest bank in the U.S., with resources of $4 billion, capital funds of more than $500 million...