Word: upturn
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Dates: during 1960-1960
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...outpouring of prognostication, economists across the U.S. last week were in remarkable agreement about where the U.S. economy is going in 1961. Their consensus: The recession will last into the first half of 1961 but will get no worse, will give way to an upturn in 1961's second half, which should make 1961 a better year than 1960. None felt that the gross national product will drop more than 1% or 2% before the upturn...
None of the economists could spot any signs of an immediate upturn. Louis Paradiso, chief statistician for the Department of Commerce saw "easing-off indicators dominating the economic scene...
...Upturn in '61. Looking over the economy's resiliency in the face of sluggish business, the Commerce Department's chief statistician, Louis Paradise, predicted that the business slowdown will end and a fresh upturn will begin after mid-1961. "I don't think it's at all clear at the moment that we are headed for any serious downturn," said Paradise. Paradise's views were echoed by George Champion, president of the Chase Manhattan Bank, who will take over as chairman Jan. 1. He sees the U.S. economy undergoing a "mild readjustment" that should...
...purchases and sales: "Never in all my years have I seen this type of bearishness. The most recent figures show short selling running eight to ten times normal." Since Coe believes that the public becomes most bearish when the market is about at its bottom, he expects a sustained upturn before the end of the year...
William Butler, economist for the Chase Manhattan Bank, who has been predicting a 1961 recession for several weeks, revised his prediction only to add that "it now looks as though the recession is beginning in 1960. It came earlier than I expected." Butler expects no upturn to take place until mid-1961. Robert Adams of Standard Oil Co. (N.J.) assumes "a continued recession in 1961," with the low point to occur next year...