Word: midyears
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...THINK we have come down a rapid descent in business activity but we will saucer off now. We should bottom at midyear and have a fourth quarter turnup in the later months of the year...
...Bottom? When will the economy turn up again? At first the crystal-ball-gazers looked for an upturn starting at midyear. Now they have put the turn farther off, barring a tax cut that might give the U.S. a fast boost. Most economists agree with harvard Economist Sumner Slichter, who says: "It will be six months before the economy shows much pep." They think the recession will reach bottom soon, may be there even now. Then, say economists, it will rock along on a relatively even keel for six months or more before turning gradually upward...
...detailed plans for several billion dollars worth of public-works projects, ready for sending to Congress on short notice. But the Administration saw no reason to abandon its long-standing basic position: I) eased credit, stepped-up defense spending and underlying economic strengths will get things perking up by midyear, and 2) drastic, too-much-too-soon recovery programs might fuel a new spiral of inflation. The decision: a reassuring statement by the President, plus a token public-works program...
...that, in the opinion of his economic advisers, "it is reasonable to assume some upturn sometime toward the middle or just after the middle of the year." To a newsman who asked whether the Administration might push for a tax cut if the economy failed to perk up at midyear, Ike replied yes, added that there is such a thing as "going too far with trying to fool with our economy...
...yearly Economic Report, drafted with the help of his Council of Economic Advisers, reiterated that 1957 was a year of record-setting prosperity. Total industrial output equaled the 1956 record. Gross national product ($434 billion) and total personal income '($343 billion) surpassed 1956 levels by 5%. At midyear the employment total stood at a new record high of 67.2 million, and the last quarter's "moderate" decline still left employment at 64.4 million, a higher mark than the U.S. reached in any year prior...