Word: downturn
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Since early last fall, there has been what the President terms a "downturn in our economy." Unemployment, even adjusted for seasonal variation, has increased considerably. Production has dropped almost ten per cent from the December, 1956, peak. Retail purchasing is down and capital investment has been declining steadily since November...
...economic front, the "consensus" of his economic advisers, he said, was that 1958 would produce "an upswing rather than a continuation of any downturn." But in case of a continued downturn he thought "a little needle" would be better than "a checkrein." Therefore, for fiscal 1959, some deficit spending "would be better than to start now the question of tax raising." But the Administration has no intention "at this moment" of proposing any kind of specific legislation to pep up the economy...
...denies that, taken together the economic indicators have correctly mirrored the downturn in the economy. But just as the main indicators exaggerated the rise by failing to note price hikes and ignoring some slumping areas, so now they are apt to give an exaggerated picture of the drop since they ignore segments of the economy that are steady or rising. So great is the latitude for individual interpretation that last week three of the nation's top economists, looking at the same set of indexes, made three different conclusions. One saw an upturn coming "during the year" another hazarded...
Boom Psychology. Such real accomplishments of 1957 were obscured by the fact that the U.S. suffered from an advanced case of boom psychology. Prosperity had become such a part of U.S. life that many Americans expected new records as regularly as payday. Any temporary downturn brought cries of disaster...
...everyone work a little better. Moreover, as jobs grow scarcer, wages will flatten out. While the Autoworkers' Walter Reuther still talks of demanding a four-day workweek and other plums, wage demands will be tougher to win from management, whose bargaining position has been strengthened by the economic downturn and the scandals in labor's own house that have cost it heavily in public opinion. As a result, the new year may see some angry clashes over the bargaining table, particularly in aircraft and auto industries, where long-term contracts run out. Labor experts expect a rash...