Word: paradiso
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None of the economists could spot any signs of an immediate upturn. Louis Paradiso, chief statistician for the Department of Commerce saw "easing-off indicators dominating the economic scene...
Since inventories are so important, economists are naturally looking at them for the key to the outlook for the economy. Last week Chief Statistician Louis Paradiso of the Commerce Department warned economists not to let their eyes deceive them. The inventory situation this year, he said, is "very different" from previous years of downturn, and "the pattern should not be read as in the past." In the three previous recessions, businessmen cut back their rate of inventory accumulation for several months, and once they began living off inventories-causing a net decline-the drop continued for 10 to 13 months...
...necessarily, says Paradiso. "There is a much tighter relationship between inventory and sales than we have ever seen before." Where it once took a manufac turer months to shift his inventory position-either because he was top-heavy with goods or could not quickly reorder -today's manufacturer has new methods and machines for inventory control that enable him to keep his inventories tight, move fast when he wants to make a change. In the past, says Paradiso, inventory tended to lag about six months behind sales; today it can be adjusted in a matter of days. "What happens...
...housing starts will ease off to 1,200,000 from 1,350,000 this year, said Paradiso, because of tight money. But the demand for appliances and furniture will continue to go up. Instead of buying a new house, more consumers will fix up the present one, leading to an increase in remodeling expenditures...
...billion annually, a new record, and industrial production was back up to 142 on FRB's index, only four points below the alltime peak. Where to in 1959? As usual, the forecasters see clearly for six months: a gradual, continuing recovery without explosive boom. Says Louis J. Paradiso, chief statistician for the Commerce Department: "1959 will be moderate. The graph will go back to saucer form. The momentum of the recovery will show a very good rate of increase in the first half, with the second half showing no acceleration...