Word: leveled
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Dates: during 1960-1960
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...entry in the economic phrasemaking derby came from Charles L. Schultze of Indiana University, who described current conditions as "high-level creeping stagnation." The major reason for the economy's failure to rise strongly from the 1958 recession, said Schultze, was too much tightening of credit by the Federal Reserve Board, and the Government's attempt to "budget for an overly large surplus." "If these restraints were relaxed," added Joseph Pechman of the Brookings Institution, "I would have little doubt that the economy would grow faster and that this growth would be interrupted less frequently by periodic recession...
...Commerce predicted a "mild" business slump for the first half of 1961 of "only 1% or 2%" in the gross national product. For the long run, the chamber was optimistic. In the face of the slide; said Emerson P. Schmidt, the chamber's chief economist, "the strength and level of the economy are surprising." He believes that the gross national product may climb as high as $520 billion in 1961 (at present: $500 billion) if the slump ends by midyear. Says Schmidt: "There are at present no grounds for sustained pessimism...
With this news, even steelmen, who have been wrong about their 1960 prospects so often that they have lately maintained a discreet silence, felt more optimistic. U.S. Steel Chairman Roger M. Blough, who last October said that inventories would drop to the 11-12 million-ton level by November, reported in a letter to stockholders that inventories had reached "about the same level they were at the end of the 1959 strike, an estimated 10-11 million tons," and are not likely to undergo "any appreciable further cut. The prospect of an improved operating rate in steel seems much more...
Rising Tide. The long-term worry is the fact that after each of the last two recessions the unemployment rate has never returned to its former lower levels. From a low unemployment rate of 2.6% during the Korean war, unemployment stuck at 4% after the 1954 recession, as the labor force rose by almost 1,000,000 more than employment between mid-1953 and mid-1955. During the 1957-58 recession, the labor force rose 700,000 more than employment, and unemployment never again fell to the 4% prerecession level...
...British Birds. Apart from the high-level gossip, she gives a picture of the astonishing toughness of the British aristocracy. For all the physical grace and fragility that made her famous as an amateur actress playing madonna and nun in Max Reinhardt's The Miracle, in time of war no patrician matron of Imperial Rome could have been more intransigent, bellicose and stoic. Despite invincible fear of air travel, she flew with Duff in countless trips to zones of war, sometimes "hard-arse" (Lady Diana's phrase). She endured inconceivable official tedium, the horrors of the Indian...