Word: downturn
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...down into the valley. The nation's economic growth, after averaging nearly 6% a year since 1950, slipped to barely 3% in 1966. So far this year, real gross national product has actually declined. New Chancellor Kurt Kiesinger shares the widely held view that the roots of the downturn can be traced to an orgy of overspending by the governments of Konrad Adenauer and Ludwig Erhard. To restore public confidence, Kiesinger's seven-month-old coalition regime last week finally reached for drastic measures that will put the budget in better balance and then, the government hopes, help...
Dark Spots. Behind the words of both Ackley and Martin lay the fact that the U.S. economy is pulling out of the winter downturn which is being called, in current vogue, the "mini-recession." Though the economy, as Martin noted, "is beginning to show signs of moving ahead again," many dark spots remain. Despite massive stimulation to business through an easing of credit and a sharp rise in federal spending, industrial production has slipped four months out of the past five on the Federal Reserve Board index; in May, it fell 2% below its December peak. The nation...
Tapping the Oyster. Having more than tripled its earnings in five years (to $158 million in 1965), Caterpillar slipped slightly last year. As a capital-goods manufacturer susceptible to economic swings, Cat suffered during the recent downturn from lagging construction, tight credit and curtailment of federal road-building projects. By 1970, however, a four-year, $600 million expansion program will be completed to meet an anticipated surge in worldwide construction, and land development. Says Chairman Blackie: "We have adapted our organization in a manner which treats the world as our oyster...
...fibers. As the leading U.S. maker of nylon, Dacron, Orion and several other synthetics, Du Pont depends on textile companies for a third of its sales volume. But the textile industry skidded into a sharp slump this year because of excess inventory, rising imports and falling prices. And that downturn caught chemical companies in the midst of a major expansion of fiber-making plants. One result is that the wholesale price of Dacron has dropped 40% in the past year. The problem, says Copeland, "can well be with us for at least another year...
Bigger Toilet. In so new and competitive a market, the downturn is enough to try even the most persistent salesman. Rockwell-Standard Corp. President Willard F. ("Al") Rockwell Jr., whose well-diversified company (other lines: automotive parts and construction equipment) turns out the $600,000 Jet Commander, complains that too many companies are fighting over too few customers. Underscoring the keenness of the competition, Rockwell tells of one prospective customer, who opted for a rival jet simply "because it has a bigger toilet." Rockwell-Standard, meanwhile, plans to merge with another jetmaker, North American Aviation, though the two companies announced...