Word: indexers
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Dates: during 1960-1969
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...girls didn't beat tom-toms to contact their boy friends and their unrelieved coyness bored him silly. To remedy the situation, he picked up three plates of sandwiches and passed them around the dance floor. He gave two sandwiches to the ugliest girl there and she bit her index finger while eating them. He couldn't stand blood, so departed, taking the sandwiches (all on silver plates) home with...
...question: Is the U.S. growing fast enough? Last week the Federal Reserve Board produced factual proof that the industrial side of the U.S. economy is growing much faster than the Federal Reserve - and most economists - had charted. The faster pace was revealed when the Fed updated its industrial-production index for the first time since 1953; output has been rising at a rate of 4.1% a year from 1947 to date, v. 3.7% previously calculated. As a result, the revised index hit a peak of 166 (1947-49 equals 100) last June before the steel strike, instead...
...cautious statisticians discovered that they had been vastly understating the rise in production of U.S. consumer goods. In stead of gaining 3% a year, it has been going up 3.7% a year; the rise in twelve years was 58% instead of about 40% on the old index. Likewise, the Fed neglected to count in its industrial index the output of two rapidly expanding major indus tries, the electric and natural gas utilities. Finally, rapidly advancing technology and the changing character of U.S. daily life had made the importance assigned to many industries hopelessly outdated. The Fed had been judging...
Since that time, vast changes have occurred in the rate of growth of many items in the index, and the new index takes this into account...
Breakthrough. In announcing the new index, the Fed pointedly made no reference to the mounting attacks on its pol icy of credit restraint, which many Congressmen contend has sacrificed growth for stable prices. Last week Democrat Paul Douglas' Joint Economic Commit tee of Congress came out with a massive report on "employment, growth and price levels" that criticized the policies of Fed Chairman William McChesney Martin Jr. and Secretary of the Treasury Robert Anderson as "stepping too hard on the fiscal and monetary brakes,"thereby limiting economic expansion. But the Fed's bulletin makes clear that output...