Word: detroit
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Dates: during 1980-1989
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...transporting senior citizens were repainted, a four-story 19th century observatory was refurbished, and seats at Memorial Stadium were scrubbed clean. Estimated value of the goods and services: $10 million. "The response was truly gratifying," says Mayor William Donald Schaefer, "an inspiration to carry on through hard times." Detroit's gift catalogue has raised $300,000 for its parks and recreation facilities. In Phoenix, the city's wish list has led to the creation of three foundations to help out the parks budget. Says Wayne Korinek, assistant director of programs and administration in Phoenix's parks, recreation...
...giant U.S. auto industry, whose sales are critical to any sustained economic recovery, is showing unmistakable signs of renewed vigor. Prodded by sharply lower financing rates, sales of new cars have been on a quiet but steady rise since October. By last week Detroit's harried automakers could look back on sales increases for nine consecutive ten-day selling periods, the first time that has happened since...
...general, Wall Streeters are far more bullish than the industry's managers in Detroit. Shares of Chrysler and Ford were among the stock market's superstars last year, rising 426% and 132%, respectively; GM's rose...
...investment professionals contend, and executives in Detroit agree, that the companies are in a far better position to benefit from a recovery in sales than when they pulled out of earlier recessions. That is because of new operating efficiencies. In 1979, for ex ample, Chrysler had to sell 2.4 million vehicles just to cover its costs. Now, boasts Chairman Lee A. Iacocca, that number has been cut to 1.1 million cars, as employment and other costs have been reduced by $1.2 billion...
Automakers also are being helped by renewed customer interest in larger cars, on which they make more money, spurred partly by the weakening in gasoline prices as the OPEC cartel loses its grip. Rust also is Detroit's friend: more and more cars in the U.S. auto fleet are older ones (average age: seven years) and will need to be replaced sooner or later. This year will not be a great one for Detroit. But at last there seems to be cause for believing that good times, if not around the next bend, could be around the one after...