Word: upturning
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...signal of the upturn came from the long-ailing machine-tool industry. It reported that new orders in December soared 62% over the year-ago level. One of the biggest manufacturers, Cleveland's Warner & Swasey Co., said its new orders are running 150% above the first-half 1958 clip. The construction contractors who build the industrial plants also noted a brisk rise in requests for cost estimates on new jobs...
Summarizing the vastly improved strength of the economy, the President said: "Factors that influence decisions on business capital outlays have become more favorable, and an upturn may already be under way. Residential construction outlays should contribute further to economic expansion. Combined outlays of federal, state and local government units will continue to rise...
...leveled off (see chart). The economy was barely expanding at all, though the current-dollar G.N.P. soared to a new high. When the downturn came in mid-1957, prices went on rising. Result: the current-dollar G.N.P. fell off only 4½%, the constantdollar G.N.P. 5½%. Since the upturn in mid-1958, Commerce said, recovery has been taking place "in a setting of overall price stability." Hence, in the main, recovery gains are real...
Despite the comeback of U.S. industry, signs of more inflation have yet to appear in the economy. The Labor Department reported last week that the consumer price index, which fell in August, stayed level in September, at 123.7% of the 1947-49 average. The Commerce Department also found the upturn still going strong. It noted that "the more volatile indicators have been advancing for several months, and those which usually lag are now showing signs of improvement." Items...
...Steel climbed to an operating rate of 62.2% last week, the seventh straight weekly increase despite earlier talk that there would be no upturn before the third quarter...