Word: year-ago
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...operating rate eased to a 20-year low. Steel executives and union representatives, who rarely meet except at the bargaining table, got together in Washington at the urging of United Steelworkers President David McDonald to discuss ways "to get idle steelmaking facilities and idle steelworkers back to work." The two sides came to no agreement. Railroad freight carloadings, continuing to feel the pinch in steel, were down 13.2% in the last reported week, and shippers predicted that they will fall 5.1% in the first quarter below the year-ago level...
...compact car.) The new crusade, he declared at a New York press conference, is a "progress-sharing plan to aid the neglected consumer." As of Dec. 1 through March, customers who buy American Motors cars will get rebates of U.S. Savings Bonds if sales increase enough over the year-ago levels...
Last week fashion houses wrote orders at the fastest clip since the era when the "New Look" dropped skirts more than a decade ago. Buyers were loading up because all signs point to a banner year, e.g., December business set records and January department-store sales are running 9% ahead of the year-ago rate. Some of the freest spenders in Manhattan came from cities that the steel-strike settlement helped most-Pittsburgh, Youngstown, Cleveland, Birmingham, Detroit. "The buyers have a lot of money, and they are spending it like mad," said Felix Lilienthal Jr., president of a company that...
...first peacetime month since the depression times of 1937, the U.S. imported more than it exported last June. Excluding military goods, exports dipped to $1,348,000,000 and imports rose to $1,369,000,000, up a walloping 33% from the year-ago level. Reporting the figures last week, the Commerce Department warned the U.S. to expect several more months of trade imbalance. In 1959 the U.S. will show an export surplus, but just barely. Exports, which dropped from a record $19.5 billion in 1957 to $16.3 billion last year, will slide to an estimated $16 billion. Imports will...
...jump in steel came largely from the pickup in autos. Sales of 128,000 new cars in February's first ten days rode ahead of the year-ago pace, and production last week climbed 36% above a year ago. The continuing production pickup pushed freight carloadings more than 6% above last year's level, the fifth straight weekly rise. Total industrial production in January moved up for the ninth straight month to 143% of the 1947-49 average, just four points below the all time peak of December 1956. Personal income was also up by $2.4 billion...