Word: pinching
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...been the forgotten man of the boom, was finally coming out of his slump. Thanks to increased consumption and an $8.5 billion Government investment in price-support and soil-bank aid, farm income showed a 4% rise, the first upswing in four years. Yet few consumers felt a real pinch. Workers' paychecks jumped 4% for the year, twice the increase in their living expenses. Everywhere, Americans had more money to spend ($325 billion) and spent more of it ($265 billion) than ever before on a shopping list that included 6,700,000 TV sets, 12,500,000 radios...
...loans to member banks was raised to 3%, the highest point since the 1930s. Home mortgage rates jumped from 4½% to a peak 6% in some areas. As housing starts slipped to 1,100,000 in 1956, down 200,000 in a year, builders loudly blamed the money pinch. But there were dissenting voices. They argued that another reason for the slide was that the industry had failed to meet the increasing demand for better houses, that the day of the roof-at-any-price was gone, and that in the future the builder would have to entice buyers...
...current credit pinch, the loudest howls are from the U.S. homebuilding industry. Construction of new houses dropped from a near-record 1,300,000 new homes in 1955 to an estimated 1,100,000 this year. The chief reason is that the lending market for low-interest Veterans Administration and FHA-insured mortgages has dried up. Housing starts with VA and FHA mortgages have plummeted 30% to 467,400 units v. only a 1% drop for homes without Government-guaranteed mortgages. Last week the big argument was over the U.S. Government's newest move to help builders by hiking...
...main worry of Wall Street-and many an individual businessman-was that increasingly tight money might pinch off business expansion. Thus far, the future still looks bright. The Commerce and Labor Departments estimated last week that a record $44.1 billion will go for new construction this year, another record $46.4 billion in 1957. But home building has already been hard hit by the money shortage. Home building is down to an estimated 1.1 million units this year with 1957 estimates lower. To bolster the market, Housing Administrator Albert Cole hopes to get increased lending power for the Federal National Mortgage...
...Suez Canal closing was also beginning to pinch the Arabs. With its markets cut off, Kuwait, the biggest Middle East producer, cut back production to an estimated 75% of its normal 1,200,000 bbls. daily; Iraq's Kirkuk field is down to 200,000 bbls. daily from a normal 700,000 bbls. daily, and in Saudi Arabia, Aramco has reduced production 30% from its usual one million-plus barrels daily...