Word: timely
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Dates: during 1970-1970
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Through the early part of the year, inflation psychology kept its grip on the minds of investors and businessmen. Then, in the space of a month, two events turned the mood from hope to gloom and brought the nation closer to financial panic than at any time since the 1930s...
Since November, long-term interest rates have declined more swiftly than at any time in the last century. Rates on average-grade corporate bonds, for example, have fallen from 9.05% to 7.80%. A smaller drop in mortgage interest rates, which now average 8.45%, has helped builders to increase the annual rate of housing starts by 59% from January to November. The main force behind the housing rebound, however, has been an astonishing rise in federal subsidies and loans. About one-third of the houses and apartments built this year received some federal subsidy, and next year close to half...
Productivity will show gains largely because companies, having learned to live with less manpower, will be slow to take back the laid-off workers and executives. At the same time, there will probably be a reduction in the hiring of the newer, younger workers who have always provided the fresh ideas-the zip and leaven-for business. Unemployment will climb next year, probably exceeding 6% during some months before tapering off later in 1971. The members of TIME'S Board of Economists foresee relatively high unemployment, coupled with about a 3)% rate of real economic growth and close...
...lift the G.N.P. to $1.060 trillion. Beyond that, Nixon is aiming to go into the 1972 elections having achieved both reasonably full employment and reasonably stable prices. Almost all economists outside the President's immediate circle agree that such a feat is nearly impossible in such a short time...
...Matter of Mood. Even if more money pours forth from Congress or the Federal Reserve, the big question is how much jittery consumers will spend. "The consumer is the key to 1971," says Harvard's Otto Eckstein, reflecting the overall view of TIME'S Board of Economists. "If retailing does not do very well next year, nothing else will...