Word: downturn
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...economy is the most outstanding feature of West Germany today. Resilient, disciplined, and resourceful, the German economy weathered the international economic recession on a far more even keel than its European neighbors. Like the rest of the export-oriented European economies, it was hard-hit by the downturn in world trade and the quadrupling of oil prices in 1973. Nevertheless, while an 8.5 per cent rate of inflation and a 6.5 per cent rate of unemployment earned Schmidt sharp criticism from the right and the left, these figures were downright enviable compared to the double-digit inflation and widespread unemployment...
...boom has already wiped outmost vestiges of the deep downturn that hit the industry about the time of the Arab oil embargo in late 1973. At the bottom of the slide early last year, about one-fifth of the industry's work force-some 273,000 assemblers, draftsmen, accountants, middle managers -were out of work. Now auto joblessness is down to 30,000 and still dropping. Even so, the industry cannot produce the most popular models fast enough to satisfy demand. Inventories that for some makes hit a 150-day supply in early 1975 are now down...
Hodgins said the report documents a four-year trend among Business School graduates. He said one reason why large companies may be more popular is that "smaller corporations tend to pull in their horns in an economic downturn," while larger companies have a better chance of surviving...
Taken aback by the suddenness of the market's revival, some analysts fear that the rally has driven prices above appealing levels, and that a downturn must come. Indeed, it would be astonishing if prices did not slip back soon, at least temporarily, after shooting up so far and so fast. The most prevalent view on Wall Street, however, is that stocks are entering a second stage of a major bull market that, in the opinion of followers of the Dow theory, began unmistakably a year ago. Though the second stage of a bull market usually is characterized...
...Production of goods and services, discounted for inflation, will rise about 6.2% for the year. That will make 1976 a year of growth after the longest downturn since 1947-48; real gross national product dropped 2% in 1974 and probably will be down a shade under 3% in 1975. But the growth rate will slow at least a bit by the end of 1976, unless Government policy changes unexpectedly...