Word: downturn
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...wildly inflated credit that brought on the 1929 crash. When consumer credit rose to a record $44.8 billion at the end of 1957, many an economist wondered uneasily whether history would repeat itself. Would credit, which had helped speed the postwar boom, bring on and accelerate an economic downturn? Now that the recession is waning, the answer is in. The credit structure not only surprised the experts but showed strengthening timbers that no one ever suspected...
...half said they intended to vote Democratic this fall." The reason: "Overburdened with debt for new homes and autos as many of the younger workers were, and with little seniority to hold their jobs, they have been perhaps the one element in the population hit hardest by the economic downturn...
...does the 1957-58 recession compare with the two other postwar business dips of 1948-49 and 1953-54? Last week the nonpolitical Committee for Economic Development brought out a remarkable set of graphs that for the first time put the recent downturn in clear focus-and incidentally laid to rest some cherished views about combatting recessions. Starting at the first real dips, C.E.D. individually plotted such prime indicators as industrial production, gross national product, employment, inventory changes, plant expansion, month by month or quarter by quarter to show the relationship of each to the others. Conclusion: the current recession...
...February and March, the current slide was sharper than in the other two recessions. But so was the upturn. Gross national product has apparently turned around after dropping for two quarters, v. a year of backing and filling in 1949 and a year of decline in the 1954 business downturn. Industrial production recovered in eight months, v. eleven months and twelve months before any steady rise took place in the other two post war recessions; the percentage of workers unemployed turned down after eight months, faster than before...
...second quarter did indeed see the end of the downturn, and by last week signs of upturn were visible (see BUSINESS) even through grey-colored glasses. With his predictions and counsel proved sound, Gabriel Hauge, 44, made a decision to return to private life. His new job: finance committee chairman of New York's Manufacturers Trust Co., fourth largest U.S. bank (after California's Bank of America, New York's Chase Manhattan and First National City...