Word: upturning
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...main economic task confronting the U.S., as the President's Economic Report saw it, is not merely to get the indexes of output and employment moving upward again, but to assure that the coming upturn brings "increases in real output accompanied by stable prices...
...upturn was in the face of discouraging news. Freight carloadings for the Christmas week were down to 410,022, the lowest for that week since 1932. New applications for unemployment compensation for the week ending Dec. 28 rose to 550,995, the highest in any week since unemployment insurance began in 1938. The Commerce Department disclosed that manufacturers' sales (seasonally adjusted) dropped 2% in November. And for the second month in a row. manufacturers continued to liquidate inventories, by an amount greater than in any other month since the 1954 recession...
...unanimous about the outlook: the first six months would be great, but then there might be trouble. At the beginning of 1958, the crystal-ball gazers are once more unanimous-but with a difference: the new year will see a sharp dip during the first half, followed by an upturn in the last six months, helped along by big increases in Government spending. Will the first-half softening lead to price cuts in key industries? The answer seems to be no. Few industries, as demand eased, were talking of price cuts. Instead, they were hastily chopping production, keeping inventories down...
...like a short-order restaurant. Not since 1942 have users ordered steel on such short lead times: six weeks for heavy construction beams, two weeks for sheet metal for automobiles. In turn, steelmen were producing just enough to meet delivery schedules. They were well aware that any sudden economic upturn would not catch them without production capacity. But it could catch customers short on steel. As long as customers continue to buy only for immediate needs, steel may not rise above 75% of rated capacity before June, but the industry expects a 5% to 10% rise from then on, expects...
Some cinemoguls appeared calm. Much studio space is busier than ever, on lease to TV outfits when it is not being used to make the big, quality films on which moviemakers now concentrate. Production of high-budget films is on the upturn. Tough old Sam Goldwyn said slyly: "If Mr. Silverman will take good care of his theaters and play the best pictures available, keeping in mind how good they are rather than how cheaply he can get them, I am sure that he will not go out of business." Apparently just as sure, in spite of his cries...