Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-02-12

Yesterday the Departments OF
Labor and Commerce publishes
figures for January on EN-
ployment and unemployment.
They indicate that the current
falling on in the economy is
sharper than usual for this
time of year.
All Of us are deeply con-
cerned over the hardships that
these figures record for the
families of the additional
breadwinners temporarily out
Of work. and those that have
gone on a shortened work week.
I know that we are concerned,
too, with the loss of produc-
ton involved and the pressure
this puts on many businesses
across the land. While these
developments reflect import
ant features of our present
economic situation, they must
be seen as we look ahead.
From the best advice / can
get, and on my own study of
the facts regularly placed be-
fore me, ] believe that we have
had most of our bad news on
the unemployment front. I
am convinced that we are not
facing a prolonged downswing
in activity. Every indication
Is that March will commence
to see the start of a pickup in
job opportunities. That should
mark the beginning of the end
of the downturn in our econ
omy, provided we apply our
selves with confidence to the
job ahead. AS Americans we
have a responsibility to work
toward the early resumption
OF sound growth in our econ
omy.
Factors in Optimism
I have confidence in the
recovery of our economy later
this year for two reasons.
First, it is my conviction that
the underlying forces of growth
remain strong and undimin-
ished. AS a Nation, we must
provide the needs of a popula-
ton growing at a rate of 3
million a year. Billions of
dollars are being spent every
year on research and develop
ment that will mean new pro-
ducts and new jobs. Overseas
economic development will pro-
vide growing markets for our
resources. The future will be-
long, not to the faint-hearted,
but to those who believe in it
and prepare for it.
Second, the firm policy of
the Government is to foster
this recovery in every sound
way. I am making sure that we
will go forward on every prac-
tical avenue of action. Some
steps have already been taken;
others are under administrative
review; still others are before
Congress in the form Of request
for legislation.
To dispel false impressions
and to make clear the activities
Of this administration in these
fields, I am releasing today a
fact paper setting forth pro-
grams and policies bearing on
the current economic situation.
They include action in recent
months by the Federal Reserve
System to ease credit, with
dramatic results already
achieved in a greater available
ity of credit and lower borrow
ing costs. Steps have been
taken, going back to last August,
to stimulate BODYBUILDING, even
though we were disappointed
by the failure of the Congress
to authorize interest rates that
would attract mortgage money
into many phases of home con-
struction. They also include
sharply stepped-up expendi-
lures on the national highway
building program, an increase
in activity under the urban
renewal program, and a sharp
increase in the first half of this
year in the rate at which de-
tense procurement contracts
will be placed with private
industry.
Other Measures Possible
These and other programs
and proposals are outlined In