Word: downturned
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...aerospace, a cyclical industry that's in a downturn, Boeing's 92,000 nonunionized employees will for the first time face payroll deductions (up to $105 a month) for health insurance. (Deals with Boeing's 58,000 unionized workers are negotiated separately.) Boeing's health costs, says spokesman Ken Mercer, are rising 15% annually and are projected to hit $2.5 billion by 2005. Boeing doesn't expect a turnaround in the airline industry until at least that year, meaning that health-care costs will probably grow faster than revenues...
Boeing might not have much time to prove it. The world's most prolific aircraft builder's commercial division is struggling in the worst aviation downturn in history and has laid off 35,560 of its 93,000 workers since Sept. 11, 2001. And although the division has remained profitable (it earned $2 billion on sales of $28 billion in 2002; Boeing had $54 billion in total revenues), this year it is expected to account for less than half the company's overall sales. Boeing makes six aircraft models, but airlines these days buy only two of them--the short...
This is very far from where the Bush campaign wants to be 14 months before the election. "We knew it would be close," says one top adviser, "but this is going to be an ugly fall." The White House was aware a downturn was coming--Bush aides have predicted since April that the President could not sustain his high approval ratings--but they didn't expect to find themselves on the defensive about the war to topple Saddam with so few options to fight back. Perceptions about the chaos in Iraq are out of Bush's control, determined by events...
...fact, according to a number of indicators, the economic downturn is just now beginning to have its effect in driving application rates back...
...counselors and admissions experts said that the economy was the likely culprit behind the continued downturn in the number of applications...