Word: downturned
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Dates: during 1990-1999
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...recession and gulf war have cemented the trend. First, the economic downturn struck some people as a just punishment for a dizzy era of excessive borrowing and spending. Many consumers saw the recession as a warning that their behavior had to change. Cutting back and putting away the plastic seem only prudent. Unemployment, currently at 6.5%, has risen steadily for eight months. Some people who used to ride in limousines are now driving them for a living. Then the life-and-death reality of the war came along and made the pursuit of glitz and status seem even more trivial...
...Fitzsimmons added that he is not surprised that Harvard has fared better than national demographics might predict. "With the economic downturn, colleges that are well-known and that have strong financial aid programs will usually hold their own," he said...
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...
...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...