Word: upturning
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...hammock, the economy took its ease while the experts debated the future. Is it suffering merely from a seasonal lack of energy, or from a torpor that will last beyond the dog days of summer? Said New York's Guaranty Trust Co.: "The widespread expectation of an upturn in business this autumn is in some measure the product of hope rather than of tangible signs of rising activity." Guaranty's reasons: "Consumer caution" and a lack of "buoyancy in business operations." The Federal Reserve Bank of Chicago also reported "less than vigorous" showings in the economy, and Boston...
...reason for optimism were the big corporations that continued last week to report healthy earnings figures. Announcing record U.S. Steel earnings for both the quarter and the half, Chairman Roger M. Blough foresaw "reasonably good business in steel-consuming industries during the rest of the year," predicted a slight upturn in U.S. Steel's production in the last quarter. The oil industry reported a highly profitable six months, helped account for a sizable part of the 6% profit gain over 1956's first half chalked up by 741 U.S. corporations in a survey by the First National City...
...Martin, who recommends reduced spending and increased savings as a check on inflation, even if it understandably fails to delight businessmen. Auto sales were not rising to Detroit's high expectations (though production rose last week), and gasoline sales were running behind seasonal expectations. The hoped-for upturn in home-building starts has failed to materialize...
...than ever, reflecting a demand for funds to finance expansion. The Federal Reserve Board announced that record levels during May were maintained in construction activity, nonfarm employment, personal income and retail sales. Mortgage applications jumped to their highest level in several months, leading builders to hope for a summer upturn in lagging home building...
...holding stable at last year's level. New plants for new markets had already pushed the construction industry to a five-month total of $19.2 billion, 5% more than in record 1956. Private housing, down 17% so far this year, showed a sharp upturn to an annual rate of 990,000 new housing starts in May, leading hard-pressed builders to hope for a 1,000,000-home year in 1957 after all. Detroit's automakers, who so far this year have made 4% more cars and 2% fewer sales than in 1956, will produce...