Word: downturn
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Priscilla A. Schaffer, a Harvard professor of microbiology and molecular genetics, also sees high indirect cost rates as a concern. Although NIH--the Medical School's largest federal grant sponsor--may be indirect-cost blind, Schaffer worries that an economic downturn may move the agency to change that policy...
...there is any good news, it is that the harshest phase of the layoffs may be over. Companies have reacted to this downturn more swiftly than usual with deep pre-emptive cuts. Still, economists expect that as many as 1 million more Americans may lose their jobs before the recession's effects fade next fall -- and that forecast assumes that the war ends within a few months. The Commerce Department reported a seeming indicator of strength in the economy last week, announcing that orders for durable goods climbed 4.4% during December. But only limited segments of the economy benefited, since...
...that a financial downturn has arrived, cabbies are feeling the backlash of that period of prosperity. "When the recession finally hit it really took a bite out of the industry," Anastasio says...
...typical weekday night last year would have seen a handful of taxis lined up at the Harvard Square taxi stand, Cavellini observes. But now, he says, that number is doubled. "The economic downturn is generally felt in the taxi industry and the restaurant industry first, and this was true in this case," he says...
...William Seidman warned Congress last week that more big banks could go bust in 1991 unless the current recession is "short and shallow." A run of large failures would swiftly bankrupt the FDIC's deposit-insurance fund, which stood at $9 billion last month. Even without a sharp downturn, Seidman said, the fund will fall to a record low of $4 billion by the end of 1991, as an estimated 180 banking firms fail...