Word: indexed
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Dates: during 1930-1939
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...that Nazi deviltry was not wholly responsible for last week's bearish market. Stocks rarely go up when falling commodity prices reflect business unwillingness to bid for materials for future use. This unwillingness was already apparent by July 22 when the Department of Labor's wholesale price index fell sharply on its way to a new post-Depression low (74.8% of 1926), again in early August when both the Dow-Jones Index of future commodity prices and Moody's index of spot commodity prices slumped sharply...
...because Governments and corporations want essential supplies). London markets ran true to form last week; most commodities rose because of speculative war stocking (including heavy copper and rubber buying by Germany). Instead of following the pattern, U. S. commodity prices marched downhill like stocks (the Bureau of Labor Index remained at its low; Dow-Jones and Moody commodity indices each fell over a point). Something besides war fear was obviously at work...
Production. The Federal Reserve Board last week released its production index for July: 102, up from 98 for June. This rise (which represented not an increase in production but the fact that most business did not decline as usual in July-for the index is seasonally adjusted) reflected in part unusually early machinery, parts and materials production for the 1940 auto models (on show already...
...told business something closely approaching this. Said Sloan: "Automobile sales will be fully as good as last year." Said Keller: "The immediate prospect seems to be that business will continue at current levels, or possibly show some improvement " A generous estimate of "some improvement" might put the Federal Reserve index at a fall peak of between 105 and no, to a fourth-quarter average perhaps 5% above 1938's 101 (average...
Believing that Government spending (for new public works, railroad equipment and housing, etc.) is necessary to tide over steel and other durable goods industries the summer and autumn of 1940, New Dealers now count on sagging indices. They asked whether Congress could revive (noted Barren's Index on building stocks was down 7.66% from July 28) July's stockmarket boom...