Word: upturning
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...city is bursting at the seams," says Barbara Sullivan of the Cambridge Chamber of Commerce. "You can only hold back development for so long," she adds John Conally, executive director of the Private Industry Council, which works with CETA officials to locate private sector jobs, says. "I believe the upturn will happen shortly. If the government program [to improve the economy] doesn't do it, business will take the bull by the horns...
Pending the Administration's predicted upturn of the economy, about all that U.S. farmers can do is pray for plagues and bad weather overseas. Midwest cattle producers have no grudge against their counterparts in Denmark, but a recent outbreak of hoof-and-mouth disease there caused Japan to suspend $215 million worth of Danish meat imports. This could mean some $100 million in unexpected sales for American cattlemen. Says Ronald Knutson, an economist at Texas A&M: "If there is a major crop failure some place in the world, we'll look back on this as a good...
...longer an upturn is delayed, economists fret, the greater becomes the still small chance that it will turn into something that could be called a depression. One reason is psychological: as bad economic news persists, the word depression moves out of the twilight zone into public discussion, just possibly to the point of becoming a self-fulfilling prophecy. The Administration's putdown of depression was prompted in part by a spate of articles in newspapers like the Washington Post, New York Times, Chicago Tribune and Wall Street Journal that have discussed just such a possibility...
...disquieting thing is that the prospective date for the upturn keeps getting pushed back. The Reagan Administration first predicted that recovery would begin shortly after the start of 1982, then in the spring. Now the prevailing opinion among forecasters, both in the Government and private business, is midyear, and there are loud dissents. Robert Farrell, the leading stock watcher for Merrill Lynch, biggest of all brokerage firms, asserts bluntly: "The consensus that has the economy up in midyear and up in 1983 is wrong." Many investors appear to share his apprehension. The Dow Jones industrial average dropped 17 points last...
...automakers still hope for a sales upturn this fall. Millions of Americans have been delaying replacement of their old cars, but at some point they will be forced to take them off the road. The new voluntary restrictions on Japanese auto exports should also eventually help the sale of American models. But it may be a while before lacocca will be able to repeat last week's profit announcement...