Word: upturn
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Even if the current upturn in auto output, housing, retail sales and other fields should prove to be no more than a seasonal spurt, the Administration would find public works no fast-working wonder drug. In the Big Depression, it took 18 months after the start of the Government's public-works program to get the first 100,000 men on the payroll. Even by 1939, when public-works outlays of $3 billion equaled about 3% of the gross national product, there were still 9,500,000 unemployed. Public works equaling 3% of today's national product would...
...have "leveled off." Nevertheless, the March layoffs brought unemployment to its highest level since the same month in 1950, when the post-World War II top of 4,123,000 was reached. But with more than 60 million U.S. citizens on the job and with the usual spring upturn expected this month, the President and his advisers felt "encouraged," saw no present need for Government pump-priming...
...current shift in the economy continues to follow the pattern of 1949-50, the forecasters of an upturn in employment will be right. After that slump the economy turned comfortably upward in early 1950, before the Korean war shot it out of bounds by creating labor shortage and inflation...
...TIME, Feb. 2, 1953), sold fewer cars (186,484) than expected last year, and has already cut back production on its 1954 models. Nevertheless, Studebaker President Harold Vance, who feels that heavy dealer inventories will be worked off by the end of the first quarter, expects a sharp upturn in spring and total sales of at least 160,000 this year. Kaiser Motors is only in limited production for 1954, has made just minor changes in its three-car (Henry J, Kaiser, Aero Willys) line. Packard, which only face-lifted its 1954 cars but boosted horsepower...
Slichter said that the country has been experiencing a contraction of production and employment for the past six months, but he saw as upturn in the economy by the fall. The peak of production, he said, was reached last year when the output was over 372 billion dollars, but Slichter does not expect it to contract to less than 355 billion dollars...