Word: turn-around
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Economists are still unsure precisely when the turn-around occurred, but they are virtually unanimous that the recovery is going to be slow, at least at the out set. Arthur Okun of the Brookings Institution reckons that April may have been the low point; yet he warns that unless the Administration takes more stimulative action, "this will be the most ane mic recovery in postwar history...
Moreover, Frye contended, the incident showed that the act "does not paralyze the President," as Nixon had argued it would when he vetoed it. Democratic Congressman Henry Reuss agreed that the workings of the new act already amount to "a turn-around and a landmark" in this potentially most fateful of all governmental powers...
Suffer Along. More than by anything else, though, the shape of the recession from here on and the timing of the turn-around will be determined by what happens to inventories-the unsold goods and supplies that businessmen have on hand. Although production is dropping, it will be some time before business can work off those inventories; Chrysler, for example, has a four-month supply of unsold cars on lots and in showrooms. Sometimes the lag involved in pulling inventories into line with sales produces what is known as a V-shaped recession: production plunges until inventories are sold, then...
...most ominous trend was a turn-around in farm prices. They had declined steadily from March through June, but July wholesale food and feed prices soared 6.4%, or 110.9% at an annual compound rate. The rise will surely push up supermarket prices in another month or two, particularly for red meat and poultry. Future prospects depend largely on the weather; the July jump reflected the early effects of the searing Midwestern drought (TIME, Aug. 12), which will reduce food supplies...
...Hankinson and a charity toss by Haigler put the Quakers back on top, 55-53, but a turn-around jump shot by Tony Jenkins at 13:36 knotted the game up for Harvard...