Word: upturning
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...University of Michigan Research Center on the other hand found that consumers are still somewhat reluctant to step up overall spending, despite confidence in a general business upturn. But the survey cautiously noted that consumers may be persuaded by good business news "to make purchases that are being put off now." Detroit, for one, was counting on just that. Last week the auto industry increased production 17% to the highest level since mid-January...
...Yakima, Wash., went personal letters, urging them to step up purchases of city-owned cars, trucks and parts that would normally be bought after July 1. If replacements for some of the 80,000 vehicles used in their cities could be bought earlier, explained Louie Mariani, the predicted upturn in the economy might be nudged along. Jokesters soon gave Mayor Mariani's executive offices a new title: "Municipal Motors Sales Inc., Madman Mariani, Prop." But the joke was on them. Last week letters were pouring in to Mariani-and most of them carried promises to do what he asked...
...expectations for the future are still more hope than fact, since a recession usually bottoms out before the statistics record the event. The wariness still felt by many businessmen was reflected by President Kennedy, who noted that it is "impossible to make any judgment" about whether a spring upturn in the economy will produce a real boom. Walter Heller, chief of the President's council of economic advisers, emphasized that he looks for the recovery to develop at "a relatively slow rate...
...Autos. The key to whether an upturn comes in the next month or two is still the auto industry. "If autos don't do it in March and April." says Louis Paradiso. chief statistician of the Commerce Department, "then April won't be the turning point they are all talking about." Despite a hefty sales spurt in late February, production cutbacks and heavy layoffs are still hitting Detroit hard...
Automen nonetheless hoped for an upturn. Edward N. Cole, general manager of G.M.'s Chevrolet division, reported a rise in Chevrolet car and truck sales, noted that the improvement in trucks was "particularly significant as an indication of general economic improvement in the months ahead, because it shows underlying confidence by the business community." But Detroit would not really know whether a strong spring surge is coming until it had a few weeks of good weather to bring out potential customers...