Word: billioned
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Dates: during 1950-1959
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...both a new weapon and way of life. To New York Timesman James Reston the Army passed the word that it had presented to Defense Secretary Neil McElroy and the Joint Chiefs of Staff a plan to produce an operational anti-missile missile* by 1961. Cost: between $6 billion and $7 billion. Name of the proposed missile system : the Army's Nike-Zeus...
...reduce credit, i.e., lending ability, as the Fed has been doing under its tight-money policy, it digs into its $23.3 billion portfolio of Government securities and sells them on the open market, to either the general public or anyone else (banks, dealers, insurance companies) that wants to buy. To pay for them, the buyers draw down their bank accounts, cutting the amount of money banks can lend. To increase credit, the Fed merely has to buy securities. Its checks, deposited in banks, increase the banks' reserves and make more money available for loans. Moreover, since banks can lend...
...third quarter, the gross national product increased to an annual rate of $439 billion, $5 billion more than the second quarter. But economists charge all the gain off to price rises; the real value of goods and services produced showed no increase. In October industrial production was down 2 points to 142 on the Federal Reserve Board's index, compared to the boom peak of 147. Though overall employment in October increased slightly to a monthly record of 66 million-and unemployment decreased to 2,500,000-the bulk of the gain was in farm workers; nonfarm workers increased...
Personal income (on a seasonally adjusted basis) edged down $1 billion to an annual rate of $345.6 billion in October. The total was still $11.5 billion better than October 1956. Yet it meant that workers' take-home pay slipped to $74.78 a week v. $75.63 last month. One effect was that October retail sales of $16.5 billion were the lowest since April, though considerably better than...
...industry higher next year. Though plant expansion may drop as much as 7% in 1958, the new homes, coupled with big programs for new schools, highways, dams and bridges, are expected by F. W. Dodge Corp., the building industry's top experts, to nudge overall construction beyond $48 billion to another record next year. As for retail sales, store owners, who expected record Thanksgiving and Christmas business, have shaved their estimates. Sales last month dropped 2%, and though the year-long totals are still a little ahead of 1956, many retailers say frankly that the recession talk is keeping...