Word: dipped
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Dates: during 1970-1979
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Handkerchief Points. Playfulness is the spirit for nearly all the Paris pack. Pierre Cardin's minis are hooked up at the shoulder like a toga or slide over the head, poncho fashion. His hemlines dip gracefully into handkerchief points. Emanuel Ungaro's Moroccan striped minidresses are bloused at the hips with yarn belts and designed to be worn over red or green tights. Karl Lagerfeld's silk versions for Chloe look like babydolls without the bottoms...
...Jerry Ford, the economy is moving onward and upward, recovering nicely (thanks to excellent Republican prescriptions) from deep recession and dire inflation, shaking off the effects of a little setback in the past few months. Says Ford: "We have had a pause. We are now coming out of the dip, and I believe that all, or practically all economists recognize that the economy is continuing to improve and will get better in this quarter...
...hopping, two-timing Warren Beatty what's coming to him, the audience will laugh it up. Why not split a safe gut at this hind-sighted view of crazy, misguided youth at the down of the Nixon years. Goldie Hawn squirms in her miniskirts; flipped-out flower children skinny dip at a pot party; and Beatty, as the highly heterosexual hairdresser George, gets by for language with just muttering "You're beautiful, baby, beautiful." That director Hal Ashby glosses over and thus cheapens this picture of searching sixties youth by painting them only as mixed-up, inarticulate and over-sexed...
Despite that basic difference, board members agree that the U.S. economy is still healthy and the recovery is not in danger. They worry, however, because statistics show a sharp dip in economic performance between April and September. After being discounted for inflation, the gross national product, which spurted by 9.2% in the first quarter of 1976, dropped to 4.5% in the second quarter. Most of the economists also agree that growth will not improve much in the third quarter. Alan Greenspan, Ford's top economic adviser (currently on leave from TIME'S board), has shrugged off the decline...
...steel companies, which weathered the slump better than firms in most other industries, have fared unevenly during the recovery: the industry leader, U.S. Steel, registered a 7% earnings dip compared with the same period last year, partly because of lagging capital goods demand. Among the few industries reporting an outright earnings slump, the most notable was banking; many institutions suffered heavy loan losses in the real estate industry, which was badly battered by the recession. Most banks are now showing strong signs of recovery, and their earnings are generally expected to improve in the months ahead...