Word: upturning
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Even so, until the public is confident that an upturn has definitely begun, Congress is bound to come under increasing pressure to do more. Unfortunately, last week's economic news indicated that it will be some time before the pressure lifts. The index of leading indicators in March continued its downward trend. New orders to manufacturers fell 3% in March after a February rally, the sixth decline in seven months. Farm prices rose 4% in April, meaning that the present low inflation rate of 3.7% is likely to edge upward...
READING THE SIGNS. Economists' hopes for an upturn are not based on any single indicator, since many are still dropping. But the decline is slowing, and some trends are emerging that in the past have helped the economy to climb back out of a slump...
...giant first-quarter reduction in inventories (TIME, April 28), which is continuing in April, is clearing businessmen's shelves of unsold goods and thus preparing the way for an eventual upturn in new orders to manufacturers. An end to inventory cutting would bring an almost automatic rise in production, since more output is required to keep inventories steady than to slash them...
...Chicago and the Kohl food chain in Wisconsin made similar reductions. A few industries, notably those making machine tools and equipment for oil and coal extraction, are doing well, but recovery for most of the region's heavy industry and appliance makers still hinges on an upturn in housing and autos...
...believes that that is as far as the nation dare go to stimulate recovery while holding inflation down. That stand puts him on a collision course with the overwhelmingly Democratic Congress, which seems determined, at the risk of refueling inflation, to spend more in order to spur a faster upturn...