Word: recessional
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Dates: during 1950-1959
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Despite settlements by Kaiser Steel Corp. and two other small steelmakers, the steel strike is biting deep into the U.S. economy. Steelworkers have lost $1.1 billion in wages; steel companies, $3.3 billion in sales; the Government, $710 million in taxes; the nation, 30.9 million tons of steel production. The Commerce...
In 1955, said Saulnier, a too rapid expansion of credit caused overbuying of autos and other consumer durables, helped bring on the recession of 1957. If consumer installment purchasing increases too rapidly now and after the steel strike, Saulnier fears U.S. consumers will overreach themselves, bring on a decline.
Last week the Federal Reserve Board announced that in September outstanding consumer credit rose to a record high of $48.4 billion. New loans are well ahead of repayments, but this is usual during a period of credit expansion, just as repayments outran new loans during the recession. Of the loan...
Picking years chosen to fit their point, Moscow's statistical wizards even "prove" that between 1952 and 1958 (a U.S. recession year), Russia registered steady increases in production of pig iron, steel, coal and cotton textiles, while the U.S. lost ground; absolute production figures, which show the U.S. far...
Riding the economic cycle is an old sport of the economists. But none can foresee the events of the future that can easily knock the best theories on the head. In the last recession the U.S. was helped because it stepped up defense spending after the Soviet Sputnik. In a...