Word: slowdown
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Other housing specialists expect a slowdown for a few years, then a surge in demand for apartments, as the big generation of World War II babies grows up, marries and moves in. Buyers and renters need shed few tears for the builders, who continue to earn a pretax return of 30% to 40% on invested capital. "The smart builder is still making a good profit," says Washington, D.C., Housing Consultant Robinson Newcomb: "It's only getting a little harder to become a millionaire...
...nation's economy is in fact a mixture that varies not only by industry but by region (see map). A business slowdown has been most evident in the long-established industrial regions, notably the great northern tier from New York to Wisconsin, where half the nation's budget for plant and equipment is spent...
...companies with excess capacity find little incentive to expand. Managers are also delaying decisions to spend until they learn whether Britain will get into the Common Market. (If Britain does not, her businessmen will probably decide to build plants on the Continent.) France is just beginning to feel the slowdown. Industrial production has risen 7-5% in the past year, led by the auto industry's 16% jump. But new orders have dropped. Partly because of a profits pinch resulting from a 20% jump in wages over the past two years, French private industry is delaying new investment...
...last week moved up from the presidency to the chairmanship of widely diversified American Machine & Foundry Co., succeeding Morehead Patterson, who died fortnight ago. His acquaintance with both places should be useful: AMF faces an antitrust accusation of conspiring to restrain competition in the bowling industry, and a slowdown in its military contracting helped to cut AMF's first half-year sales 11%, to $185 million. Burgess, once president of Trans World Airlines, was an Eisenhower era Assistant Secretary of Defense, joined AMF in 1958. Burgess intends to push new consumer products, including an auto exhaust filter which...
Wonderland Economics. The general slowdown is making for some unfamiliar strains in the payments balances of many countries. Europe's huge hoard of gold and dollar reserves is dropping. West Germany recently moved from a fat surplus to a small deficit in international payments, and the surpluses of Belgium and Switzerland are declining. And in a time when everyone talks of expanding markets, Japan has clamped on import controls and Canada has raised many of its tariffs from 5% to 15% in an attempt to bolster its sagging dollar. It seemed that almost all countries were attempting to improve...