Monday, Oct. 05, 1959
Ready for a Surge
Even as the steel strike forced layoffs in many industries (see below), other sectors of the U.S. economy last week were girding for a fourth-quarter surge after the strike ends. Railroad freight-car loadings rose to their highest point since the beginning of the strike and 20.3% above the previous week, reflecting increased coal shipments to steel-producing centers in anticipation of the strike's end.
Other signs of surge:
P: For the second quarter, U.S. corporations reported the largest quarterly increase in nine years in working capital. The $3 billion boost brought the total to a record $125.4 billion.
P: Department store sales rose 16% over the same week a year ago.
P:Personal debt, in the largest jump in four years, rose by an estimated $5.9 billion in the second quarter, to a total of $157.9 billion.
P:The Consumer Price Index in August declined .1% from the July record to 124.8% of the 1947-49 average, the first decline in the index since last February. Primary reason: a .9% drop in food prices, which made up for an average increase of .2% in nonfood commodities and services.
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