Word: upturn
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Dates: during 1950-1959
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...other end of Pennsylvania Avenue, President Eisenhower told his press conference that, in the opinion of his economic advisers, "it is reasonable to assume some upturn sometime toward the middle or just after the middle of the year." To a newsman who asked whether the Administration might push for a tax cut if the economy failed to perk up at midyear, Ike replied yes, added that there is such a thing as "going too far with trying to fool with our economy...
...refreshingly different kind of forecast from Carrol M. Shanks, president of the Prudential Insurance Co., second biggest in the U.S. (first: Metropolitan Life). Said Insuranceman Shanks: "I'm optimistic. We're pretty close to the end of the downgrade, and we should see an upturn before long. Steel production will start up in March, if not sooner, because steel sales have been running ahead of production; so will textile production and most durable goods for the same reason." What's more, said Shanks, the stock market will go up also. "I am personally going...
Despite President Shanks's clear optimism, it was still hard for most businessmen to see signs of an early upturn. Steelmen themselves, whose plants operated at less than 60% of capacity throughout much of January, expect no improvement in February. Detroit's worried auto men reported that January production of 489,357 units was down 8.5% from December and 23.7% lower than January 1957. As business cut back buying, the Federal Reserve announced that commercial and industrial loans in 94 major cities tumbled another $218 million for the week, making a total $1.8 billion reduction since...
...main economic task confronting the U.S., as the President's Economic Report saw it, is not merely to get the indexes of output and employment moving upward again, but to assure that the coming upturn brings "increases in real output accompanied by stable prices...
...picture of the drop since they ignore segments of the economy that are steady or rising. So great is the latitude for individual interpretation that last week three of the nation's top economists, looking at the same set of indexes, made three different conclusions. One saw an upturn coming "during the year" another hazarded only "not in the first half, and yet a third guessed "maybe by spring...