Word: boom
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Dates: during 1960-1969
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...farms are usually small and uneconomic, run by older people (average age of farm owners: 55). Since the De Gaulle government untied the link between farm and industrial prices in 1958, farmers' prices have dropped 11% while the rest of the country has crested on an industrial boom. Last month the powerful farmers' organizations demanded a special session of the Assembly to take up the farm problem...
...policies set by the Federal Reserve. From Martin last week came a significant statement that demand for credit so far this year had not been "quite as large as anticipated." This seemed to businessmen to imply that the Federal Reserve, recognizing that there will be no runaway boom, might now ease credit so that U.S. businessmen can more readily find funds for orderly growth. It is unlikely to take any big measures to ease the money market, which has already begun to ease on its own; but it can easily bring about a further relaxation by permitting member banks...
...major factors that have helped upset earlier estimates of the 1960 boom are the weather and the decline in the stock market. Said Virgil Martin, president of Chicago's Carson Pirie Scott & Co.: "The weather has been violently bad, and everybody has been disturbed psychologically by the stock market dip. Even people who are not in the market are affected. It's the headlines." In the New York area, severe snowstorms cut heavily into department stores' sales, forced them down 25% for the week ended March 5. Blizzards caused sales to drop 25% in St. Louis...
...prime measures of the U.S. economy's staying power in the current boom is capital spending. Last week as a spate of new plant and equipment spending was announced by major U.S. companies, Government economists estimated that capital outlays in the first quarter rose substantially from the $34 billion a year annual rate of 1959's last quarter, will average $37 billion for the year as a whole and hit $40 billion in the last quarter, a new record...
...worked out the G.N.P. figures to constant 1954 prices and plotted them against a potential G.N.P. (see chart), estimated from the growth of the labor force, average man-hours of work, the nation's total investment in plant and equipment. He found that only in times of great boom has the U.S. achieved the top limits of the growth potential. During the Depression of the 1930s, the spread between the actual G.N.P. and the potential was so wide that it took the U.S. until the middle of World War II to catch up. Subsequent recessions have also held...