Word: recessional
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Dates: during 1950-1959
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(4 of 10) wholesale flood of credit. In the new economy so many other financial institutions -insurance companies, finance companies, savings and loan associations-have grown up that the nation's credit pool is increasingly independent of the FRB. Nor was Chairman William McChesney Martin Jr. in any tearing...
Cushions & Nudges. The important thing was not to let the slump in manufacturing spread. And there the economy's built-in cushions proved their value in helping keep personal income ($353.3 billion) at record levels. As labor incomes slipped $6.2 billion by April, chiefly from the declines in autos...
Even at the worst of the recession, there was no overall pattern of woe. New England, with its troubled textile industry and heavy manufacturing, was sorely tried. Many of the Midwest's one-industry towns had some rough months. In Peoria, Ill., where Caterpillar Tractor is not just a...
The New Consumer. The greatest single force in keeping the recession local-and then turning it around-was the monied U.S. consumer, the same man who, as investor, sent Wall Street's Bull to the moon. By old-fashioned doctrine, recession is a time when consumers cut down their...
On to 1959. At the end of 1958 the U.S. was well on its way out of recession. Gross national product was clipping along at $453 billion annually, a new record, and industrial production was back up to 142 on FRB's index, only four points below the alltime...