Word: dipped
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Across the U.S., 1957 will be remembered as the year with the dip...
...Record Setters. This statistical downtrend at year's end had economists and statesmen worried, particularly since some of the prophets saw the economy getting worse before it gets better. But even including the year-end dip, 1957 was a remarkable year for business. The U.S. economy had operated at forced draft for all but the final few months. And in so doing it produced what in many respects was the most prosperous year in history...
After weighing such facts, Prudential Insurance Co. issued its usually accurate annual new-year prediction: 1958 will see a $3 billion dip in capital expenditures, but this will be offset by a rise of $5 billion in state spending and $1 billion in home building. Said President Carrol Shanks: business will hold at the present stable levels for the next six months, and then "the second half of the year is likely to be strong...
...made clear that he thinks a business decline must inevitably follow an inflationary surge of the sort that has hit the U.S. in the past two years. And he gave no hint that the Fed was getting ready to change its tight-money policy in order to stop the dip. Said Martin: "If you think that any time a decline reaches a certain point, we can just step in and stop it, you have misunderstood the workings of our entire system. Declines have to occur from time to time when mistakes in judgment have been made-when there has been...
Some of Canada's key industries felt a painful squeeze. Automobile sales for the first eight months of the year were off 6%. Newsprint production declined in September and was expected to dip further in the final quarter; higher production costs had trimmed paper-company profits by 20% to 30%. In prospering Alberta, a slump in both domestic and export sales of crude oil cut scheduled November production to the lowest rate in 2½ years. Drilling was off, and one drilling contractor reported: "One third of our rigs are down and the others are not making any money...