Word: slumping
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Dates: during 1960-1969
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National Warning. At Kennedy's request, a task force of economists headed by M.I.T. Professor Paul Samuelson, one of Kennedy's most trusted counselors, delivered a thick report which warned that 1) the slump is bad, and 2) it could very easily grow worse, with unemployment topping the post-World War II peak of 7½% Among other things, it urged fat federal unemployment subsidies to guarantee every jobless worker at least 50% of his wages for 39 weeks; big Government spending programs for health, welfare, urban renewal, school buildings and teachers' salaries; more construction of highways...
...Next Upswing. Outside the hearing room, the testimony was echoed by other economists. The U.S. Chamber of Commerce predicted a "mild" business slump for the first half of 1961 of "only 1% or 2%" in the gross national product. For the long run, the chamber was optimistic. In the face of the slide; said Emerson P. Schmidt, the chamber's chief economist, "the strength and level of the economy are surprising." He believes that the gross national product may climb as high as $520 billion in 1961 (at present: $500 billion) if the slump ends by midyear. Says Schmidt...
...complaints about his unimaginative management of cash-heavy Alleghany, Kirby replies that when he took over after Young's death, the stock was selling at 4⅞ but is now selling at 9⅞. Kirby, who believes that the current slump is more serious than most people think, sees no point now in speculating. "In today's market," he say," we make money by not investing...
...turned about and dropped 4% in October, sending the backlog of unfilled orders to the lowest point in two years. Manufacturers' sales fell 1% in October for their sixth monthly decline in a row. What was even more disturbing to economists-and the chief cause of the orders slump-was that businessmen are still living off their inventories instead of reordering. In October, business inventories fell $400 million from September for their fourth straight decline...
...industry has moved out of New England for the South's lower wages. In Pennsylvania, West Virginia and Kentucky, automation in the coal mines and a national shift from coal to oil and gas have thrown thousands out of work. Modernization of the steel industry, abetted by a slump in steel sales is pushing Youngstown and Pittsburgh toward the depressed category...