Word: upturning
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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...
This year, starts of houses and apartments dropped from an annual rate of 1,900,000 in January to 1,300,000 in August. Despite a September upturn, which most economists dismiss as a freak performance by volatile statistics, the rate of housing starts may dip below 1,000,000 by year's end. "We are facing the worst housing shortage that we have had since the end of World War II," says Walter Hoadley, executive vice president of California's Bank of America. "The crisis is going to get worse...
...operate as just such a clearinghouse. But computer breakdowns and other snags slowed the system until last week, when the C.C.S. resumed full operation. The brokerage business may face more financial woes before happy days return. Profits seem likely to continue their fall until rising stock prices bring an upturn in trading volumes, and there are fears on the Street that more firms may be forced into consolidations. Wall Street is paying a considerable price for decades of neglecting almost everything but selling. Still, when volume does rebound, the securities industry will be in a stronger position than ever before...
...Park Hotel. The President reported that each evening he reads selected letters addressed to him from all over the country. Sounding a little like Graham himself, he said: "Even in this period when religion is not supposed to be fashionable, when agnosticism and skepticism seem to be on the upturn [the mail includes] prayers for this country, for the leadership this nation may be able to provide for the world...
...leveling off in defense outlays and the anticipated decline in consumer spending, the Administration counts on a major rebound in housing construction. Yet despite a huge backlog of unfilled demand for new housing, the result of the 1966 credit squeeze that crippled the industry for a year, no such upturn seems likely unless interest rates continue to fall...