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The Economic Situation

Published online by Cambridge University Press:  26 March 2020

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Extract

Industrial expansion continues. The index of production has now risen 7 to 8 per cent in a year ; there are no signs of a labour shortage, the balance of payments surplus is still adequate, and prices are still flat. The initial effects of the Government's expansionary measures are now wearing off and production may rise more slowly—though it should still go on rising. It is unlikely that there will be any need in the coming months for Government action to check the rise in demand.

Type
Research Article
Information
National Institute Economic Review , Volume 6 , November 1959 , pp. 4 - 14
Copyright
Copyright © 1959 National Institute of Economic and Social Research

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References

note (1) page 5 The steel industry may be the one in which production first comes up against the limit of capacity. The Iron and Steel Board estimated that in October the steel industry was operating at 92 per cent of capacity.

note (2) page 5 Weighted average for refrigerators, gas and electric cookers, radios, radiograms, television sets, washing machines and vacuum cleaners.

note (1) page 8 It should be noted that if the balance of payments statistics had not been revised this figure would be sub stantially higher and would possibly reach the £300-£350 million formerly set as a target.

note (1) page 10 In January-July 1959, total United States imports from all OEEC countries were up by $732 million (42 per cent) compared with a year before. Imports of steel mill products were up by $126 million (128 per cent) and of automobiles and parts by $201 million (67 per cent).

note (1) page 12 These are hours of work paid for, which include public holidays. Actual hours worked are about 41 to 42 a week on average, the difference being due mainly to public holidays.

note (1) page 13 The new reserve requirement is estimated to immobilise an extra DM 0.7 billion, leaving reserves of DM 0.3 billion in excess of the new minimum.

note (2) page 13 It should, however, be noted that figures derived in this way can change very rapidly. The enquiry by INSEE (Institut National de la Statistique et des Études Economiques) in November 1956 showed only 3 per cent of firms saying they could expand production. From that date to June 1959 industrial production rose about 12 per cent, and the increase in productive capacity cannot have been very much greater.