Word: downturn
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...Thatcher and the Tories who must govern without her, the downturn in the British economy is seen as a serious threat in the general election. It is expected that the Tories will call the election as late as possible, which could mean the spring of 1992. But the inflation rate, now running at 10.9%, is slackening, and the pound, linked to the E.C.'s Exchange Rate Mechanism, is strong. The next Prime Minister may be able to lower interest rates and even spend more money in the social areas Thatcher was accused of neglecting so badly -- education and health services...
...bankers were among the first to lose their jobs. Psychiatrists report that Wall Street patients feel guilty about the easy money they made in the booming 1980s and are convinced they are being punished for earlier good fortune. These people are busy lowering their financial sights, and as the downturn rolls across the U.S., the rest of the country may have to do the same. That is just what the economists fear. The trouble with recessionary psychology, they say, is that deflated expectations become self-fulfilling prophecies, for both the individual and the economy as a whole...
Continental was particularly ill-prepared to weather the downturn. The carrier accumulated more than $2 billion in long-term debt in the process of building itself into one of the five largest U.S. carriers. Rival carrier Delta confirmed last week that it may buy some of Continental's assets. At TWA, market share has slipped from about 10% in 1985 to 8% currently. Since TWA boss Carl Icahn failed to move quickly enough to replace his aging aircraft, the airline is stuck with a fleet that is particularly thirsty and costly. New Boeing and McDonnell Douglas passenger jets...
...lack of growth in salaries for finance jobs comes as the entire banking industry is experiencing an economic downturn. In recent weeks, a number of the country's largest investment firms have announced layoffs,fearing the consequences of a severe recession...
...downturn is even starting to rearrange where Americans live. In Massachusetts an estimated 18,000 more people fled the state than moved into it this year as unemployment climbed past 6%. Some favored destinations: California, Texas and Florida. Nearly a quarter of the state's 93,000 layoffs occurred in such high-tech companies as Digital Equipment and Data General, which have been caught by the double whammy of economic stagnation and technological changes that passed them...