Word: upturns
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...this year's temporary tax cuts. They believe any effort to force-feed greater growth could be severely inflationary. All six of their colleagues present at the meeting voiced deep worry that unless Washington shifts soon to more expansionary monetary or fiscal (tax and spending) policies, the upturn will begin to fizzle out around the middle of next year...
Even so, the upturn has come; there are definite signs that Americans are going back to work, if not in droves, then at least in trickles. Besides the drop in the jobless rate, the factory work week lengthened in July, and the number of people working rose by 676,000 to 85,078,000. During the last three months, 51% of 172 nonagricultural industries increased payrolls, v. only 14% in December, January and February...
...other nonferrous metal producers 11%. Airlines flew in the red because of high jet-fuel costs and an un-economically low percentage of filled seats. Overall, though, the Citibank study painted a brighter second-quarter earnings picture than many experts had expected. Says Citibank Economist Robert Lewis: "The upturn in earnings is further proof that the economy has begun to bounce back...
...that traditionally foreshadow an economic recovery, few have been more doggedly consistent this year than the stock market. For nearly six months, prices on Wall Street have climbed steadily higher, higher, higher as investors have shifted more and more cash into the market in anticipation of a brisk business upturn later in the year. Last week this confidence helped propel the Dow Jones industrial average up another 17.68 points, to a new 1975 high of 873.12. While that is still well below the Dow's alltime peak of 1051.7 in 1973, it nonetheless represents a hefty 50% rise since...
Still, some upturn is better than no upturn: housing is at least ceasing to be a drag on the national economy. The budding upturn will probably reinforce President Ford's determination to veto this week an "emergency" housing bill passed by Congress two weeks ago. The bill was designed to encourage the building of 400,000 new houses mainly by providing mortgage subsidies to middle-income home buyers. But it probably would have no effect until well after the slump was ended...