Word: midyear
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...Blind Man. It wasn't. By midyear, production had dropped 17% but it also seemed, at last, to have found a solid footing. And the "recession," it seemed, had at least in part been caused by a great miscalculation. U.S. businessmen, roaring mad at those who had underestimated the ability of U.S. production to lick inflation, had made a similar mistake themselves. They had underestimated the appetite of U.S. citizens to consume. At the year's start, the supply of goods on hand and in the pipelines seemed enormous-$58.5 billion worth, enough to last...
...than three times as fast, the U.S. was soon using up far more than it was producing. Then deep price cuts in such big consumer items as clothing brought even the most reluctant customers hustling back with wallets in hand. On top of that, consumption got a few healthy midyear boosts...
...catch is two-fold. Of those men on the team today, five will graduate at midyear. And of those six who graduated last June, more than one have left crucial gaps in the lineup...
...your article [TIME, Aug. 22] on romance comic magazines and their unusually good sales, you say: "The trend was so terrific that some of the old-style confession magazines confessed that they were in trouble." Presumably the trouble referred to was financial trouble, inasmuch as you quote from my midyear letter to our stockholders which reported a loss in the second quarter of 1949 of $11,635, after showing a profit in the first quarter...
...Department's Survey of Current Business, the slump came largely because businessmen satisfied the demand for goods out of inventories, instead of from new production. When inventories are depleted, production will have to pick up; and so long as demand stays as high as it was at midyear, said the Survey, the slump will be only a "temporary" affair...