FOUR MEDFORD (OREGON) MAIL TRIBUNE
Thursday, October 3, 1957
o
long-Awaited Four
fit Cparter
By ROBERT SHORTAL
United Press Correspondent
Mew York W The nation's
economy enters the final three
months of the year with fingers
cros-cd.
The long-awaited fourth quar
ter upturn in business has not
materialized, and businessmen
now are taking a more critical
look at the business picture.
They are not pessimistic. No
body anticipates any major re
cession or wholesale unemploy
ment. But neither do they look
for any strong upsurge such as
those which have occurred in
most postwar years.
Rolling Adjustment
The past nine months have
been marked by a rolling ad
justment in industry-gains in
some lines offsetting declines in
the others. The over-all result
has been a levelling off of eco
nomic activity at a very high
plateau.
Key economic barometers like
the gross national product, em
ployment, and personal incomes
have set new highs. Consumer
spending is running along at rec
ord levels, along with govern
ment expenditures and business j
capital spending. i
However, with government i
r-pending and business outlays
for expansion levelling off, and
many industries faced with an
excess of production, the strong
rate of growth in the economy
has slowed down.
Hopes Fading
'"Earlier hopes that there
might be a smart rebound in the
economy in the final quarter are
now fading, and many corporate
officials are beginning to won
der whether the forepart of 1958
will measure up to the levels for
the corresponding period of the
current year," says Standard &
Poor's.
Prentice - Hall said concern
about the business outlook next
year is growing in the face of a
continued decline in business
spending for expansion and in
ventories two important props
to U. S. prosperity since the end
Upturn in-Business Hissing
of World War II.
Business spending has declined
in only two of the 12 postwar
years -1949 and 1954, both re
cession years.
Strength in auto production,
housing construction, govern
ment spending and consumer
spending helped to offset the de
cline in business expenditures in
1949 and 1954, preventing any
serious economic downturns.
Prompt Reversal Needed
Prentice-Hall said "a pretty
prompt reversal of gears on tight
money, on federal 'spending for
defense and public works, and
on consumer tax cuts will be
needed to shift the U. S. economy
into a new uptrend before the
1958 elections."
Economist A. W. Zelomek told I
United Press, however, that
"There is little indication that
serious recessionary tendencies
are in the immediate offing, de
spite evidence that the peak in
inflationary pressure has been
passed."
He said the general feeling in
business circles is that the econ
omy will continue on the current
high plateau for some months,
"and that even during the sec
ond or third quarter of 1958,
nothing more serious than an ir
regular trend will develop."
Consumer spending is the
brightest spot in the picture right
now. Businessmen are - looking
for a record Christmas business,
which will help sustain the economy.
CAR BRINGS TROUBLE
Statesville, N.C. (TP) A
14-year-old youth told officers
Wednesday he drove three stolen
cars aimlessly around North Car
olina because "I've never been
anyplace." David Mayhew told
sheriff's deputies he wrecked
the first car he stole on Monday,
and abandoned the second when
it developed engine trouble and
stole another. He was driving
the third when arrested for not
paying for gasoline it a service
station.
pill litefe
APPEARING AT CONVENTION, Dave Beck (left), presi
dent ot l eamsters, Alurry Miller, Texas, and James R. Hoffa
are given noisy welcome at Miami convention. (International)
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