Salt Lake Telegram | 1949-07-02 | Page 15 | Public Housing Bill Cash Seen Spur to Nation's Economy

a Business, Industrial Picture Public Housing Bill Cash Seen Spur to Nation's Economy NEW YORK. July ( A week which (aw June graduata flooding th Job market, increasing increas-ing both th number of employed and th number of Jobless, also saw an event which could Improve the economic picture. This waa congressional action on the public bousing bill. Construction award already war rolling along at a fair pace. Tha administration's housing bill eyould filter additional million of dollar Into building. Btrlldtag Deaain Additional dollar for building mean more business tn th na-ttoa's na-ttoa's steel mil, metal Industries, cement plant and lumber yarda. It also will take up a lot of th unemployment slack. A summer lull, however, was giving the na.lon s economy a mild wallop. Retail sale declined and many plant wera shutting down for annual vacation peti ode. The doath'of all cortatimeT credit control at midnight Thursday Thurs-day waa of much leas importance. But many bustneasmen believe It will have a food psychological affect af-fect and there were some who believed be-lieved removal of the restrictions coupled with vigorous sale campaign cam-paign would loosen consumer purse strings considerably Moat felt that the used ear trad would be th first of ths large markets to gain- They aaid It waa quite possible that used sau desUext taow LgM require lea thaa th usual oo-third down payment to atimulat falling sale Jure graduations barfogged th unemployment ptrtur. Trie wave ot graduates seeking job rolled unemployment to a aeves-ysar high of e, 778,000. Actually th figures were bet-tar bet-tar than expected by some government govern-ment expert who feared unemployment unem-ployment would top th 4,000,000 mark ta Jua. Th oerupua bureau added that there waa aa upswing le noo-agrl noo-agrl cultural employment during June, th first Hoc Decanter. Two out of three of th school-ag school-ag Job aeekars found work. And the number of Amdsiean employed em-ployed rosat to 60 tlt.OuO. Thl wa IAOO.000 lea thaa ta Jua of 14S boom year. ' Car tn evaluating uipsmptuy. meat figure waa urged by Sale Management snagastna, which said "Distorted unemployment trews'' care eorururnere and diprtsti retail salea. Calaeuadoi Ryeterta Vuch of th decllnealn retan sales." th magaatn added, "may be attributed to lack of security and specifically to unfounded aye-tans aye-tans about unemplovmenL" - It predicted July retail sale for the aatitm would drop 4 below the comparable month laat veer. While most economist clung to ttstir bejel ItM lot bi nines de cline (tin would go on, they continued con-tinued to predict thsr wa ao real aerioua dspreseioei tq th offing. Th National City Bank of New York noted la It monthly letter that oaeplu th continued bust-neee bust-neee derlln, consumption already la exceeding production In a number num-ber of line. That eventually would aMn aa Increase tn oomaiid la those product. , Automobile production, which haa been a star performer oa th good biisinss aide of th ledger, fell from grace una woek, but there war extenuating ejicurar atauMhta. Ante aUttnip. AutooiobUe tolled off th assembly as-sembly knee at a 20-year-high of 152.001 unit laat week. Thl week s flgur was 140.1S4, but it wa beat walkout In various plant that caused th dump. Steal operation, dropped to T of capacity.' off for th 11th week and th lowest sloe April 12, IMS. Bueinee loan were down for th 23rd consecutive consecu-tive week. 'And th government's tneem hit a flva-year low due to the l4g Income tax cut and th economic eco-nomic downturn. Th New York stock market hit a (our-week high but It had to labor mightily to reach it-Three it-Three day running of uphill plodding turned th trick with many a bail, aod &H ka kw twees. e