Word: upturn
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Washington's statisticians released still more figures showing that the economy's rebound from recession, already sharper than in any other postwar upturn, is picking up speed. Items:¶ Industrial production for July stood at 133 on the Federal Reserve's index, up three points since June and seven points higher than the recession low of 126 in April (see chart). At this rate, say economists, the pre-recession level of 145 in August 1957 may well be topped before year...
...monthly review of the Federal Reserve Bank of New York last week. The 1958 recession, said the review, probably reached its low point in April, and it was the shortest and the most severe of the postwar recessions. Though it warned that a mild setback might follow the initial upturn, as in 1949 and 1954, the bank saw hopeful signs in the fact that the recovery so far has been broader than in either of the previous postwar recessions...
LUMBER PICKUP is finally on horizon in depressed Pacific Northwest. Prices last winter dipped close to modern lows, but recently have bounced up 5% to 10%, are approaching 1956 peaks. Major reason for the upturn: The cut in production, along with a rise in construction...
...hold lost ground. This time personal income is almost back to pre-recession levels in ten months, without any reduction in taxes. At the start of the 1949 recession, Government spending was sharply increased, yet employment showed no improvement for eight months. Without such help this time, the strong upturn came in eight months. According to Keynesian theories of countercyclical government pump-priming, 1949's recovery should have come considerably faster than it did, while 1958's should be much slower...
...economy go from here? On C.E.D.'s charts a major booster out of the 1949 and 1954 recessions was the turnabout in inventories. In the 1949 recession businessmen continued to liquidate inventories for more than a year, in 1953-54 for 15 months, before any sizeable upturn took place. This time the rate of inventory liquidation seems to be bottoming out after two quarters, though no one is willing to predict any heavy accumulation in the near future. Business outlays for new plant and equipment are a more worrisome problem. The 1958 slide in expansion expenditures has already gone...