Word: downturn
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With the current downturn in the TV economy (TIME, Feb. 1), the networks are cutting expenses as if they were X-rated movies. Employee rolls have also been snipped a bit. But even the latest reductions-at CBS and ABC -were what one ABC spokesman called a "pruning" involving faceless people, like secretaries or technicians. The next likely cutback will affect the viewers directly: it could involve old family friends like Ed Sullivan, Lawrence Welk and the Beverly Hillbillies...
...judges by scrutinizing real gross national production, unemployment, corporate profits and other indicators. N.B.E.R.'s experts are now strenuously debating the correct label to place on the slump. Says Vice President F. Thomas luster: "We're right on the fine edge between calling it the most severe downturn that was not a recession-or one of the mildest recessions since World War II. It could go either...
Nonetheless, it seemed clear last week that the bureau's key decision makers were leaning toward "recession." They figure that the downturn started in the autumn of 1969 and may have reached its low point in November of 1970, even though the nation is still suffering some downbeat effects. Last week the Labor Department announced that unemployment rose from 5.8% in November to 6% in December. That was the highest jobless rate since December...
...downturn in the economy, accentuated by a sagging forest-products industry and a steady net decline in secondary employment, has caused fallout virtually everywhere, from city finances to car sales to housing. As early as last summer, Wes Uhlman, 35, the personable mayor of Seattle, decreed a 5% expenditure cut for the second half of the year in an already conservative budget. A selective city job freeze went into effect, and summer park programs closed a week early. There is virtually no growth in city tax revenue now, reflecting the stagnant economy. Uhlman has already weathered a frightening bombing spree...
...early 1971, up from 1,430,000 in August. Defense spending will continue to fall, and apart from the special case of steel, manufacturers will not rebuild inventories as swiftly as in past recoveries because they did not cut stockpiles much during the recent downturn...