Word: downturns
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Dates: during 1960-1969
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...home and abroad, it was buffeted by the winds of profound change. Frederick R. Kappel, president of American Telephone & Telegraph Co., spoke for many U.S. businessmen when he said: "We have more problems than we realized we had." As it entered 1961, the U.S. was caught in a business downturn so mild by past standards that economists vied with each other to give it a new name. But, mild or not, the recession of 1960 drove down some business indices, added to the growing ranks of the unemployed, caused countless householders to put off the purchase of a new home...
More Phrases. Testifying before the Joint Economic Committee of Congress, Government and private economists agreed that the recession (the Government economists preferred to call it a downturn) is the mildest since World War II, has been going on for six months, and stems in large part from the economy's failure to emerge strongly enough from the 1957-58 recession. "In no case," said Geoffrey Moore of the National Bureau of Economic Research, "is the contraction as widespread as it eventually became...
...sluggish business, the Commerce Department's chief statistician, Louis Paradise, predicted that the business slowdown will end and a fresh upturn will begin after mid-1961. "I don't think it's at all clear at the moment that we are headed for any serious downturn," said Paradise. Paradise's views were echoed by George Champion, president of the Chase Manhattan Bank, who will take over as chairman Jan. 1. He sees the U.S. economy undergoing a "mild readjustment" that should be over by the middle of 1961. Said he: "We can't go along...
...Brooklyn has felt the pinch of the latest downturn in our cyclical economy, you'd never realize it by conversing with people who are voting for Nixon. In response to a question about local economic conditions, only 17.5 per cent of the Nixon voters felt that "things aren't going so well," Significantly, however, 43.3 per cent of the Kennedy voters had the same opinion...
...important, economists are naturally looking at them for the key to the outlook for the economy. Last week Chief Statistician Louis Paradiso of the Commerce Department warned economists not to let their eyes deceive them. The inventory situation this year, he said, is "very different" from previous years of downturn, and "the pattern should not be read as in the past." In the three previous recessions, businessmen cut back their rate of inventory accumulation for several months, and once they began living off inventories-causing a net decline-the drop continued for 10 to 13 months. Since inventories this year...