Word: ratings
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Dates: during 1950-1959
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With such proof of recovery before it, the FRB last week continued tightening credit, gave the New York, Cleveland, Richmond and St. Louis Federal Reserve Banks permission to up the discount rate from 1¼% to 2%, continuing the upward move initiated by the San Francisco Reserve Bank (TIME, Aug. 25). The earlier rises brought no change in the prime rate (i.e., the interest charged customers with blue-chip credit), which is set by New York banks that make 20% of bank loans to business. But as soon as the New York Federal Reserve Bank raised its discount rate...
...Steel output for August rose to 7,285,-ooo tons from 6,420,000 tons in July, and mills scheduled operations for the week at 65.4% of capacity, the highest rate all year...
...good news from Washington on unemployment was that the jobless total dropped 595,000 in August to 4,669,000, lowest since January, as employment rose to 65,367,000. The bad news was that the rate of unemployment edged to 7.6% of the labor force (see chart), close to the postwar peak of 7.79% set during the coal strike in October...
...attract buyers because they had not been educated to recognize quality. Manufacturers of building materials have also stressed cost, rather than quality, even though they would all benefit from better homes. By emphasizing quality, they could attract more buyers to the market, help step up the yearly building rate from the present 1,117,000 to the 1,400,000 most experts think the U.S. needs...
...only tell you this: if you spot Harold on the street (you can tell him by the flies) pause to flip him a dime. You're buying posterity's culture cut-rate, not to mention tomorrow morning's toast