Word: upturn
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...future course. Industrial production in July held steady at 109 -for the fourth month this year. Auto sales are headed for the best August since 1955, but the steel industry is chugging along at less than 55% of capacity and steelmen now foresee less of a September upturn than they had expected. Weekly freight-car loadings, a favorite of the indicator readers, offered few clues: they edged up 0.9% after a two-week decline. July retail sales dropped i% from June, but personal income in July hit a record annual rate of $407 billion. Housing starts fell almost...
Just how tight the profit squeeze will get before it eases is a matter of lively debate. Government economists expect an upturn in profits in the fourth quarter. But Ford Motor Co. Economist Dr. T. J. Obal, who believes the current profit squeeze fits the pattern of an economy in the second year of recovery from recession, thinks that "there will be further slippage." Chase Manhattan Bank Chief Economist Wil liam Butler says that the profit squeeze "is very serious as a long-term matter," argues that it will cause a decline in capital expenditures...
...Venezuela and Colombia. Last week, after pro-Communist gangs attacked crowds leaving Havana Cathedral, Archbishop Diaz threatened that the Cuban Catholic Church might declare itself officially "in silence"-as it is behind the Iron Curtain. As the Castro-Catholic battle got hotter, church attendance showed a sharp and significant upturn...
With the nation's steel mills operating at only 42.7% capacity, the lowest non-strike level since 1958, investors were clearly buying steels on the assumption that the low point has been reached and an upturn in production lies ahead. At week's end the Commerce Department reported that exports of steel rose to 320,0000 tons in May, exceeding steel imports for the first time in 18 months. Steel imports, which got their big boost during the steel strike scare, fell to 272,000 tons, a figure that Big Steel Chairman Roger Blough describes as "still very...
...nation's gloomy steelmakers, the continued rise in the economy brought hope of an upturn for them. Although production in the first week of July is expected to be the lowest this year-about 50% of capacity-steelmakers still talk of a summer upturn. As Charles M. Beeghly, president of Jones & Laughlin Steel Corp., puts it: With the gross national product at more than a $500 billion annual rate, "something has to give. Either the steel industry will be called upon to support this activity level by increased production, or this record level will not be sustained. We believe...