Word: cutbacks
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HIGHER PORK PRICES are expected this fall following farmers' 16% cutback in the spring pig crop in widespread rebellion against last year's low prices...
...rose 10% over April to $4.5 billion, but was still 5% lower than May last year. Construction spending for the year so far: $19.6 billion, 2% below the first five months of 1959. ¶ Freight carloadings declined for the third week in a row, largely because of the cutback in steel production. ¶ Machine-tool orders dropped sharply, continuing a downward trend...
...encouraging. In addition to a drop in new orders (see below), carloadings and department-store sales fell, probably because of bad weather, and industry reported that January orders and shipments of machine tools dropped from December. But the news was not completely black. The auto industry, despite a cutback in production, reported that February sales of 480,000 cars were 6% above January, 14% above last February. More important, February's final third chalked up a 20% sales hike on a daily rate basis over the second third...
...over last year. But this year the significance of the figures has been clouded by the carryover effects of the steel strike and the first full model year for the compacts. Last week Detroit cut back auto production, but that only thickened the clouds; automen blamed much of the cutback on parts shortages, weather and changeovers in production...
...BOMBER CUTBACK jolted the aircraft industry, resulted in 2,000 layoffs at North American Aviation, less drastic reductions at subcontractors Boeing, Lockheed and Chance Vought. Already stuck for $500 million in development costs, the Air Force has trimmed its $3.5 billion program for 62 combat-ready planes, has given North American the go-ahead on only two prototypes, which will be ready...