Word: downturning
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Dates: during 1980-1989
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Many gray-market retailers, including 47 St. Photo, contend that they are sharing with American consumers the benefits of the dollar's purchasing power abroad. Despite its recent downturn, the dollar is still worth 19% more against many foreign currencies than it averaged from 1980 to 1982. That should mean cheaper imports in the U.S., but many American distributors have decided to pocket the profits rather than lower their prices. Yves Saint Laurent's Opium perfume, for example, has climbed from $135 an oz. in 1980 to $165 an oz. today, although the cost of the perfume to the importer...
...board noted further that the large volume of dollars that the Federal Reserve continues to pump into the economy makes a slump unlikely during the next twelve months. But should the Fed suddenly tighten the money supply, the action could raise the chances of a downturn sometime next year. Board members expect the GNP to expand somewhat more rapidly in the second half of this year than it did in the first, growing 2.8% from July to December. That remains well below the Reagan Administration's optimistic forecast of 5% growth over the same period. Said Charles Schultze, a senior...
Delaney Smith wasn't sure of the cause of the drastic downturn...
More than President Reagan or anyone else, Federal Reserve Chairman Paul Volcker caught the blame for the 1981-82 economic downturn. Now he is in danger of becoming the villain of Volcker Recession II. To prevent that unsavory sequel from materializing, the Federal Reserve Board has softened the tight-money stance it adopted earlier in the year and is letting interest rates fall. As a result, by last week a bidding contest was under way as banks rushed to drop the prime rate that they charge corporate borrowers. First New York's Citibank led a group of institutions that...
...sharp drop in the growth of the gross national product, from 8.6% during the first half of 1984 to 2.7% in the third quarter, has already raised fears that the economy may be sliding into a new downturn. Some experts are worried that the U.S. may be heading at least into a so-called growth recession, in which the G.N.P expands too slowly to keep unemployment from rising...