Word: slowdowns
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Upturn in '61. Looking over the economy's resiliency in the face of sluggish business, the Commerce Department's chief statistician, Louis Paradise, predicted that the business slowdown will end and a fresh upturn will begin after mid-1961. "I don't think it's at all clear at the moment that we are headed for any serious downturn," said Paradise. Paradise's views were echoed by George Champion, president of the Chase Manhattan Bank, who will take over as chairman Jan. 1. He sees the U.S. economy undergoing a "mild readjustment" that should...
...many, the current business slowdown is really an adjustment to the consumer's growing predilection for the myriad new services his money can buy. "This causes dislocations within the economy," explains Sears, Roebuck Chairman Charles H. Kellstadt, "but given the level of gross national product and disposable income, it is no cause for alarm. It simply reflects the fact that our rising standard of living has made us a predominantly consumer-oriented economy. It is not a case of not growing, but of growing in a new direction." In the past five years the real output of services...
Even if it could be proved that service spending has caused a slowdown in durable goods sales, it has also had a healthy, stabilizing effect. While cutbacks in production employment come fast in a recession, the service trades usually remain steady. In the 1954 recession, factory employment fell 10% but personal income only 1%. In the 1957-58 dip, employment dropped 9.5%, but personal income and consumer spending each dropped less than 2%, largely buoyed by service spending, which rose more than 3%. With the drop in total personal income thus cushioned, demand picks up all the more quickly. Thus...
...Americans go to bed hungry" by shifting to Secretary of Agriculture Benson's statement that 25 million Americans have inadequate diets. A tax increase in the winter of 1961, Kennedy said, "under present economic conditions," would not be "desirable. In fact, it would be deflationary . . . cause a real slowdown in our economy...
...with production, they are taking half their current needs from inventory. Appliance, farm-machinery and construction-machinery industries are also raiding their large inventories instead of ordering steel at their production rates. The oil industry is one of the few that are actually using less steel. Because of the slowdown in drilling, it has substantially cut the use of steel for tubing, casing and drill pipe...