Word: nonfarm
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Behind the earnings lay a record of solid September production despite the steel strike. Last week the Federal Reserve Board announced that industrial production dropped one point on the index from August to September, was seven points from the pre-strike high of 155 set in June. Nonfarm employment was holding even at around 52 million, while total unemployment declined to 3,200,000, or 5.6% of the labor force; not counting the 500,000 steel strikers, unemployment had increased only about ½% since the 5% low set in July. Personal income in August dropped only about $2.6 billion from...
...National's network of twelve factories within a 200-mile radius of almost every major market east of the Rockies. With his new acquisitions Price this year expects to boost National's sales to $100 million, its production to 45,000 units-4.3% of all single-family, nonfarm houses built...
...hotels, more roads, toll gates and public conveniences of all kinds, it takes more and more workers to tend them. At the turn of the century manufacturing employed nearly 50% of all nonfarm workers. Today, the proportion is only 30%, and employment in the service industries is far more stable than in manufacturing. Says Economist Gabriel Hauge, onetime adviser to President Eisenhower and now chairman of Manufacturers Trust Co.'s finance committee: "The shift from manufacturing to services is comparable to the shift in the American economy in the 19th century from agriculture to manufacturing...
...adequate supply of skilled and semiskilled personnel, attractive residential areas, an excellent public school system, a good network of state and county highways." The state also has a right-to-work law and the lowest rate of unionization in the nation (only 8.3% of North Carolina's nonfarm workers are organized). Since Hodges became Governor in 1954, industrial investments in North Carolina have almost doubled, this year will top $225 million...
...there were signs aplenty last week that the worst was over. Nonfarm employment jumped 339,000 from July to August. The average factory work week also advanced to 39.4 hours, up more than an hour since April. In past recessions a pickup in the factory week has led to a significant increase in employment. Administration economists expect employment to go up as soon as automakers make peace with their workers (see below) and start to roll out the '59 models. But few expect the jump in jobs to match the fast pickup in production. The recession taught U.S. business...