Word: upturning
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Third Best Year. Wall Street's bullish mood was encouraged by figures from Detroit and Washington. Auto sales, after a 21% decline during the first three months of 1967, jumped sharply in April to a level only 3.4% below their year-earlier pace. "The spring upturn we've been waiting for is with us," says Chrysler Chairman Lynn Townsend, who now predicts that a minimum of 8,200,000 new-car sales will turn 1967 into the third best year in the industry's history. He adds: "People seem to have decided there isn't going...
...economy regains its momentum. "The major question is not whether we avoid a downturn, but what kind of advance we are likely to have," says Raymond Saulnier, who was chairman of President Eisenhower's Council of Economic Advisers and is now a Columbia University economics professor. Because the upturn will begin with low (currently 3.6%) unemployment, "it is virtually bound to be inflationary," insists Arthur Burns, another Eisenhower CEA chairman, now chairman of the National Bureau of Economic Research...
Hoping to steer ailing American Motors Corp. back to health, Board Chairman Roy D. Chapin Jr. recently prescribed price cuts for his slow-moving Rambler American economy line. The first sales figures showed an encouraging upturn-and Chapin, dining in a Chicago restaurant, cheerily ordered strolling musicians to play Just in Time. The American's $1,839 base price - well under that of any other U.S. compact and only $200 more than the Volkswagen-has indeed helped tune up sales, which in April rose 8% over the same month last year, to 7,371 cars. Nevertheless, as of last...
...quarter sales were off 15% from last year to $4.85 billion. Earnings as a result slipped 34.5% to $389.6 million, the poorest first-quarter profit for G.M. in five years. Balancing all that, however, were brighter prospects for the auto industry as a whole. Braced by an unexpectedly strong upturn in sales during April, auto companies have revised their production schedules for the second quarter. Altogether, 2,155,000 cars will be produced-80,000 more than had been intended...
Cheaper Loans. Still, builders, lenders and economists agree, with rare unanimity, that the ailing industry will regain its health by year's end. President Leon Weiner of the National Association of Home Builders last week predicted that a substantial upturn during the summer and fall will lift starts to a 1967 total of 1,300,000, as against 1,220,000 in 1966. Such optimism is based mainly on the Government's sharp switch toward easier credit. Interest rates on home mortgages have dropped faster than in any recent period in Federal Reserve records. Eastern investors who demanded...