Word: backlog
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Dates: during 1970-1979
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Hurt Profits. Detroit's costly gamble on cash rebates has helped to pull down the huge backlog of unsold cars, which stood at a 110-day supply in early January and hovers around 92 days at present. But profits have been hurt, many plants remain closed and fully 245,000 employees-31% of the industry's hourly-paid labor force-are currently laid off and the rebate programs are scheduled...
...companies are lavishly promoting their rebate programs. Chrysler, which is saddled with the heaviest backlog of unsold cars and was first to begin offering rebates, is spending one-fourth of its $50 million annual ad budget on a series of video spots featuring TV Pitchman Joe Garagiola in a carnival setting urging viewers to hurry, hurry, hurry to their nearest dealer. Lincoln-Mercury commercials have Green Bay Packer Coach Bart Starr sincerely touting Ford's $200 to $500 giveaways. Dealers round the country are jumping in with their own brands of salesmanship and showmanship-some of them bizarre...
...sales upswing has pulled thousands of cars out of the vast Michigan State Fair grounds outside Detroit, which until recently was covered bumper to bumper by part of Chrysler's stock of unsold cars. Chrysler's backlog has dropped from 350,000 to 300,000. Some models have been in especially heavy demand. Orders for Ford's sporty German-built Capri, which lists at a basic $3,566 and carries a $500 factory rebate, have been so great that dealers are scouting round the U.S. to find cars and are warning buyers that they may have...
...nation's yearlong slide into recession, the strongest element in the economy was businessmen's willingness to spend on new equipment and expanded facilities. Companies were eager to buy because they expected the slowdown to be short and shallow, and as recently as last month the backlog of orders for capital goods still stood at a healthy total of $75.5 billion. Those orders and the pent-up corporate demand that they represent have served as a welcome moderating influence on the depth and duration of the recession...
...when real spending declined slightly for a full quarter for the first time in four years. The spending slide has continued since then; the fourth quarter is expected to be off by about 2.4%. What happened? For one thing, there was a lot of "water" in the capital-goods backlog-excess orders spread among several suppliers by companies merely waiting to see who would deliver first. Then came the coal strike and the disastrous auto sales figures from Detroit; says Michael Evans, president of Chase Econometrics Associates, a Manhattan forecasting firm: "All the water got squeezed out of the order...