Word: billion
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Dates: during 1950-1959
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Though the federal deficit will continue to be large, possibly running to $10-$12 billion next year, it will still represent less than 3% of the gross national product, hardly a harbinger of runaway inflation. The bothersome rise in the wage-price spiral will be slowed by several deflationary factors: widespread overcapacity in basic industries, a squeeze on profit margins, no recurrence of a labor shortage as working-age population rises. What the bank expects is a relatively stable growth pattern over the next five years, with prices rising a modest 1% or 2% each year. Any further acceleration...
...rise in gross national product from $428 billion to $600 billion. ¶ A rise in households from 50 million to 56 million...
...rise of one-third in disposable personal income to a total $420 billion. ¶ A rise of 46% (to 11 million) in the number of families with two or more cars. ¶ A rise of two-thirds (to 13 million) in households with incomes of $7,500 annually...
...Personal income rose to an annual rate of $354.5 billion in July, highest in history. The new level was $2.5 billion higher than in June and $2.4 billion higher than the previous record of $352.1 billion, also set in August 1957. Main reasons for the jump: a $1 billion rise in private-industry payrolls, plus another $1 billion increase in the federal payroll. ¶ Housing starts rose to an annual rate of almost 1,160,000 in July, 14% higher than the rate in July 1957 and the highest in 2½ years. FHA, VA and conventionally financed housing...
...automatic increases averaging 8? an hour under contracts signed during the boom years of 1955-56-57; some 4,300,000 U.S. workers will also take home cost-of-living raises averaging 3? to 4? an hour-while industry's earnings are expected to decrease by about $2.5 billion. Businessmen who championed long contracts as a prerequisite of labor peace now wonder if the game is worth the candle. As one top Government labor expert says: "People are becoming disillusioned. Three to five years is a long time in a period of economic change...