Word: slowdowns
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...corporate chiefs, who have long complained of a profits squeeze, fared better in 1968 than they had any reason to expect. They were beset by rising labor and material costs, year-long predictions of imminent economic slow down and the 10% income tax surcharge. But the slowdown never materialized, and many companies managed to offset higher costs and taxes by increasing their prices and generating more sales. The results from early-reporting corporations indicate that after-tax prof its climbed by 6% from the $48 billion of 1967 and at least equaled the $51 billion record...
...Signs of Slowdown. Amid such continuing symptoms of inflation, there were a few signs that the economy could be starting to slow down. Many of its so-called "leading indicators"-statistics that point to future trends-have stopped rising. Normally, such change portends a general slackening in about six months. The Commerce Department reported last week that Americans, who had saved only 6.3% of their incomes in the free-spending third quarter of 1968, socked away 6.9% last quarter. The figures confirm what retailers have already noted: a drop in consumer buying. Now, as expected, the squeeze seems...
Fortunately, no jolting slowdown is expected. In its annual report, the President's Council of Economic Advisers foresaw a 6% gain (to $941 billion) in Gross National Product this year. Inflation should account for "a little more than 3%" of that growth and real output "less than 3% ." Real growth last year...
...council foresees continued weakening in housing and consumer spending, a moderate $10 billion rise in federal spending, and strong gains in business outlays for new factories. The 10% surtax, along with federal spending restraints, will bring a "significant slowdown" in business during the first half of this year, said the council. The latest figures support that outlook. From November to December, retail sales slipped by 2% and housing starts...
...April 15, taxpayers must give Washington an extra $11 billion in catch-up payments for the second quarter of 1968, when the 10% income-tax surcharge was not withheld from salaries. With a shrinking federal deficit also sucking steam from the economy, Wall Street is looking for a noticeable slowdown in U.S. business growth over the next few months. While that may hurt for a while, it should lead to less inflation and easier money. Brokers hope that it will also mean a healthier market, but that prognosis is far from unanimous...