Word: upturning
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...into the new year, gross national product is clipping along at a record $36.8 billion annual rate, and unemployment, which hit an icy 11.3% last winter, has thawed to a more livable 5.4%. Steel, autos, housing, oil and gas production are all strong. Most spectacular of all in the upturn is foreign trade-the very issue that stirs all the debate...
...reported a nine-month operating loss, before taxes, of $11,192,837. MacNeal's report showed that by selling off some securities and by applying a $1,398,080 reserve for income taxes, the net loss was reduced to $6,381,330. But even with a fourth-quarter upturn that MacNeal predicts, Curtis is facing the most disastrous year in its history...
...aluminum imports that have captured 10% of the U.S. market) that the domestic industry will double in size by 1970. For the shorter range future, Harvey Aluminum's energetic Chairman Lawrence A. Harvey pointed to the industry's current 82% operating rate and said: "Any modest upturn in the economy will dry up the so-called excess capacity. The aluminum companies are not tearing down any plants-are they? In fact, everyone is building up a little something extra right...
...Bank of Chicago, President Ralph Lazarus of Federated Department Stores predicted that steadily rising personal income would continue to improve retail sales, but added: "We foresee substantial growth, but not a sharp, runaway boom." President Robert S. Ingersoll of Borg-Warner Corp. looked for only a "gradual and minimal" upturn in durable goods. And Chairman James Price of National Homes Corp. wrapped his gloom in jargon: "Commercial construction, in our opinion, is enjoying what appears to be a terminal bulge in the current cycle. More and more cities have built their way into surplus office space...
...annual rate of inventory reduction may have been cut to $1 billion or even less. After a seven-month decline, manufacturers' inventories rose about $100 million in April-a sign that inventories now react more quickly than before to changes in the economic climate. In past recessions, an upturn in manufacturers' inventories has usually lagged five or more months (see chart) behind an upturn in industrial production; this time the lag was only a month...