Word: autumns
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...December meeting, the board anticipated that last autumn's rise in interest rates and the resulting tightening of credit would lead to a sharp 4% annualized drop in economic activity during the first half of 1980, as consumers cut back on spending, businessmen laid off workers, and the economy itself began to slow. This was to be followed by a modest autumn rebound, and a return to real growth by year...
...nation's large grain trading companies and food corporations like General Mills and ITT Continental Baking Co. Countless more ordinary investors are in the market hoping to make quick and stunning profits. If they are wrong, speculators must be prepared to lose big. Anyone who bet last autumn that January wheat prices would be headed up, and bought the maximum permissible number of 600 wheat futures contracts, could have lost $600,000 in a single day last week. Conversely, anybody who had correctly bet months ago that prices would decline in January, would have reaped rich profits...
...nation's energy outlook does seem somewhat brighter than it did last autumn, when fears of heating oil shortages and a squeeze on gasoline supplies brought almost daily warnings from the Administration of a looming energy pinch. Increased conservation by homeowners, along with an unseasonably warm winter, have helped to reduce heating oil consumption. It has dropped by at least 10% from last year throughout the Northeast, the region that uses the most fuel. Even more important has been the drop in gasoline use. Last year prices rose 35%, to a current nationwide average of approximately...
...quarter, most economists are persuaded that a recession will get under way in the current quarter. Home sales are down and sales of large cars have hit the skids; auto industry layoffs this week will reach 220,000 for the first time since the current sales slump began last autumn, and closings will include Ford's Los Angeles assembly plant...
...Eizenstat, but there are problems with that plan. Carter's request will have a tough time passing Congress, which set the 20% requirement last year to make rationing only a last-ditch action. Also, details of an emergency rationing plan are not expected to be ready before this autumn. It will contain many exemptions that the public will consider unfair; for example, people with company cars stand to get considerably more gas than ordinary drivers. The sad result of all this: the U.S. has neither a consumption-cutting gasoline tax nor a workable and effective rationing program to fall...