Word: downturn
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...Washington and across the U.S. But calm, articulate Gabriel Hauge, sometime economics teacher at Princeton and Harvard, economics assistant to the President of the U.S. since the start of Ike's first term, counseled his boss to resist the pressures for inflation-breeding, damn-the-deficits programs. The downturn would halt during the year's second quarter, Hauge firmly predicted, and then an upturn would slowly...
WHILE statesmen and strongmen cope with readily visible political crises, the economic tides that lift or swamp them often begin their flow unnoticed. Across the Atlantic, the European boom that refused to bust during the U.S.'s recession months is now threatened by a downturn. Across the Pacific, Red China, out to dominate Asia politically and economically, has declared open economic war on Japan, perfecting an art in which the Japanese themselves once excelled: dumping cheap goods onto Southeast Asian markets. The deep-running courses of these economic tides are analyzed in FOREIGN NEWS: Threat of Recession and Squeeze...
...months European businessmen congratulated themselves on how sturdily their economies were weathering the sharpest U.S. recession since World War II. Now there are signs that Europeans themselves have something to be concerned about. By last week talk of a downturn in European business, hushed when Europe's boom refused to bust even during the U.S.'s greyest months, broke out in loud tones. In Rome, officials of the U.N.'s Food and Agriculture Organization warned that the price bottom might drop out of Europe's agricultural market this fall, and in London Britain's cautious...
...Machines are slowing down, using less oil and coal, digesting fewer raw materials, spewing out fewer finished products, and making smaller profits. Only highly protected France seems still to be boosting its industrial production. Warned Heathcoat Amory: "We cannot look at present to rising European demand to counteract the downturn in the U.S., as we could in the last recession...
...phones installed totaled "about 500,000-slightly more than in the first quarter," but still well below last year's figure of close to 700,000. Long-distance phone calls rose by 4% during the first half. Together, the two gains helped wipe out the first-quarter downturn in earnings. Net profits for the second quarter totaled $233 million, v. $214 million for the same quarter last year. Revenues were $1.66 billion, v. $1.57 billion last year. Said President Kappel: "While our current rate of gain is lower than in the last few years, nevertheless it is still substantial...