Word: upturning
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Dates: during 1970-1979
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...rise in consumer spending is essential to the Nixon Administration's plan for an economic upturn later this year. But hope for that rise dwindled last week with the findings of a University of Michigan quarterly survey of 1.300 families, which showed consumers less inclined to buy than at any time in the 18-year history of the survey. During April and May, for example, the proportion of families intending to purchase new cars was 20% below the same period a year ago. Based on consumers' personal financial expectations and buying plans, the survey's index...
...year, and a $1.3 billion deficit next year. Even those estimates may be optimistic. They are based on a January forecast that taxable corporate profits would hit $89.5 billion this year. In the year's first quarter, profits ran at a rate of only $85 billion. Unless the business upturn foreseen in the game plan starts soon, the U.S. stands to run a much deeper budget deficit...
Mini-Micro. Now Walter Heller makes this forecast: real G.N.P. may decline at annual rates of 0.5% this quarter and next, on top of a drop at an annual rate of 0.4% in the last quarter of 1969. An upturn will begin in the second half, fueled by higher Social Security benefits and the scheduled July end to the income surtax. By the fourth quarter, the rebound will have "visible means of support." Dollar G.N.P. for 1970 will run between $980 billion and $985 billion, about $5 billion below the most common forecast of board members last December, but just...