Word: billioned
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Dates: during 1950-1959
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Diamonds from the Laboratory. While the U.S. consumer spent heavily in 1957, the businessman outdid him, plunked down $37 billion for new plants and equipment (plus $1.5 billion more for new offices), and devised one of the major props under the U.S. economy. Steel expanded 5% to 141 million tons annually; aluminum added 2% to its capacity, synthetic rubber 14%. Oil and chemicals both spent record amounts for expansion. Serving them all. the nation's utilities grew at compound rates, increased their outlays 28% to $6.3 billion, and in the process added 7% to U.S. generating capacity. Among...
...past years, much of 1957's expansion was for new production to catch up with blossoming markets or to supply new markets created by research. Industry laid out a staggering $7.3 billion for research and development, some 20% more than ever before. Every businessman knew that the money will eventually flood back to industry, as laboratory oddities turn into new consumer products. General Electric learned to make synthetic diamonds so cheaply that they will soon start competing with natural stones for industrial use. It also developed the first really practical telephone-TV system, plans to install the first...
...steel may not rise above 75% of rated capacity before June, but the industry expects a 5% to 10% rise from then on, expects to turn out 105 million to 115 million tons for the year as a whole. Construction value will probably increase 5% to a record $49.6 billion, including a hefty 8% boost in housing due largely to easier credit...
...troubled railroads, they will see still another 5% to 7% drop in passenger traffic, while freight car loadings will show a continuing, but smaller (less than 10%), decline than in 1957. U.S. industry's headlong expansion will taper off in 1958; industry will invest only $34.5 billion in new plants and machines, down 7% from 1957. Autos, aluminum, machinery and many others are planning fewer additions. But utilities, which never caught up in 1957, will have to pile on another $200 million increase to $6.5 billion next year. Many steelmen are also pushing ahead despite lower operating levels. Says...
...Gold-Plated Recession. In a growth country, the predictions are for growth, despite a recession in the early months of 1958. The gross national product will probably rise at least $1 billion. Technically, the economy will "recede" or move sideways. But if recession is defined even in the mild terms of the 1953-54 slump, it will still be a gold-plated recession. At that time, gross national product dropped by $6.3 billion; industrial production dipped 15 points on the FRB's index, more than most economists foresee for 1958; unemployment then rose to 5% of the labor force...