Word: upturning
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...inevitable question: Where will the climb end? Clearly the market so far had risen on buying by investors who anticipate an economic recovery. Poor first-quarter earnings had been expected-and discounted-by investors. The latest signs that a real economic upturn is under way could only lead, most Wall Streeters felt, to a continued upsurge in the market. Some were betting that the market would hit 725 before it leveled...
More signs of business upturn appeared last week. Housing starts jumped a sharp 10%, marking the third straight monthly rise from the December low. There was a $3.5 billion pickup in personal income to an annual rate of $409.5 billion-the first gain since last October. Retail sales were still up 1% over February, to an $18.1 billion annual rate. Government economists have increased their estimates of the gross national product for the second quarter from a $502 billion-to-$503 billion annual rate to a range of from $505 billion to $510 billion...
Unfortunately, the pattern is still of an upturn that does not end unemployment. There are 5,500,000 unemployed, 1,800,000 of whom have not had work for at least three months. As a remedy, William McChesney Martin, chairman of the Federal Reserve Board, last week proposed a "harsh doctrine" to U.S. businessmen: across-the-board price cuts. "Throughout our country, we must not only increase our productivity, but also pass some of the gains on to the consumer in the form of lower prices, rather than having all of it go exclusively to labor in higher wages...
Cautious Forecast. The chief fear among Government planners is that the recovery will be as moderate as the recession, which was the mildest since World War II (gross national product dropped less than i%). Now they anticipate, at least for 1961, even less of an upturn than the one that followed the 1958 recession, when the G.N.P. jumped $50 billion in the year after the recession ended-but still got poor marks for vigor from the economists. In a cautious economic fore cast, Government economists predict that the G.N.P. will rise from its present estimated $500 billion...
...replaced achievement of growth as the dominant theme in the Kennedy Administration's economic thinking. Part of the concern is political: the Administration clearly recognizes that the specter of unemployment is an effective lever for pushing its economic programs through Congress. But it also fears that the business upturn will not make any appreciable dent in the U.S.'s 5,500,000 unemployed, 1,800,000 of whom have been out of work for 15 weeks or more. Last week the Labor Department announced that, while the total of jobless in the month ending in mid-March declined...