Word: downturn
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Reports of the U.S. economy's imminent declinenow appear to be greatly exaggerated. After three straight monthly drops in GDP, new reports out of Washington show increases in retail sales and industrial production, with no rise in inflation. The downturn in indicators, saysTIME's Bill McWhirter, were only an aberration rather than a trend. "April was a just a blip. What happened was a confluence of bad news, topped by a $20 billion retroactive tax bill. About 90 percent of the disposable income in the country is in the hands of people making over $60,000 a year. These people...
...even more, leading to more cuts in the work force and a further fall in consumer spending -- the vicious cycle that drives a recession. In surveys, confidence still looks solid, but beneath is an enduring anxiety about wage stagnation and job security. With any additional sign of a serious downturn, consumer confidence could collapse like a nervous smile...
...downturn in the financial world made the job market more competitive than it has been in the past...
According to OCS Recruiting Coordinator Judith Murray, Wall Street's downturn does not seem to have adversely affected the opportunities of Harvard students...
...main reason is that lenders and potential partners worry that the company could be caught in an auto-industry downturn that would slash profits and the value of their investments. Chrysler recently reported first-quarter earnings of $592 million, down a steep 36% from the same period a year ago. Further declines in business could hit Chrysler particularly hard under the plan advanced by Kerkorian, which would load up the company with $10.7 billion of new debt while draining $5 billion from its $7.5 billion of cash reserves to help pay for the buyout. Chrysler has done its part...