Word: downturn
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Whether bright-eyed entrepreneurs or crafty corporate tycoons, businessmen continue being hit by the plethora of bad economic news. The prime rate has eased off its nosebleed height of 20% and last week declined to 19% at some banks. Despite other signs of a downturn, including the Dow Jones industrial average's two-year low of 759.13 last week before it rebounded more than 30 points the following day, inflation continues to roar ahead. In March the Consumer Price Index rose another 1.4%, which would be a compounded annual rate of 18.2%. This dampens all hope for any substantial...
...clear that he was ready to risk a serious recession in order to get the price explosion under control. In October and then again last month, Volcker jacked up the cost of money. Consumers finally began putting off spending plans, and the economy started to slide. This economic downturn will certainly go into history books as the "Volcker Recession...
...projections of a "mild and short" decline are so much whistling past the graveyard. TIME Board of Economists Members Walter Heller and Otto Eckstein see the economic drop ranging from 3% to 4%, with a slow recovery starting in the second quarter of 1981. That would make this downturn the second worst since the Great Depression...
Auto industry layoffs may soon exceed 250,000, which badly hurts such auto-dependent cities as Detroit, where unemployment has already reached 24%. The current downturn is reminiscent of 1927, when Henry Ford helped push the country's economy into a slump by halting all Ford output for five months, as he switched production from the Model T to the Model A. Says United Auto Workers President Douglas Fraser: "The rest of America may be having a recession. But autoworkers are having a depression...
Rather than pushing workers deeper into poverty, as Marx predicted, capitalism has lifted the vast majority of laborers into the middle class. In addition, modern unions have given employees a counterforce to management's power. An economic downturn now hits harder at corporate profits than at wages, which are usually fixed by contract...