Word: downturning
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Dates: during 1980-1989
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...starting to draw to a close, no sector of the economy can yet be sure of a sustained recovery; in the case of steel, the outlook is bleakest of all. More than almost any other part of Smokestack America, steelmaking finds itself struggling to survive not just the current downturn but a whole host of other, longer-lasting problems. These range from the lofty, uncompetitive wages of the unionized employees, to the antiquated state of many of the mills and fabricating plants, to the relentless pressure of foreign competitors who are themselves burdened with bulging capacity and weak domestic markets...
...people of Seattle have some of the best-educated cab drivers in the world, they owe it all to the Boeing Co. During the past two years, caught by the worst downturn in U.S. airline history (estimated 1982 industry losses: $500 million), the giant plane builder has reduced its work force by 14,000 as its production of new commercial aircraft dropped to half of its capacity. But now, thanks to some sharp maneuvering, Boeing's prospects are looking brighter. In the past six months, the company's stock has shot up from...
...contracting economy proved staggeringly painful for businesses and individuals alike. At 10.8% of the labor force, unemployment reached the highest level since 1941, and business failures surged to more than 24,000, higher than in any year since 1932. Nowhere in the country was the misery of economic downturn more acute than in the factory towns of the nation's industrial heartland. As consumers lost confidence in promises of economic recovery, household spending stalled out, shaking the already depressed auto industry. In a slide since 1979, new-car sales skidded to a 21-year low of about 5.7 million...
...Brittan, assistant editor of London's Financial Times, pointed out that the recent downturn in the value of the U.S. dollar and the British pound should help ease protectionist pressures both in the U.S. and throughout Western Europe. The U.S. and Britain, whose exports have suffered from overvalued currencies for more than a year, are now expected to be less inclined toward curbing imports. Reason: foreign-made goods will become relatively more expensive, and thus less competitive, in the U.S. and British markets, thereby helping to stimulate sales for domestic manufacturers and reduce demands for protectionist measures...
N.Y.C.B. insiders acknowledge that the company had been drifting since 1979, when major heart surgery marked a downturn in Mr. B.'s energies, and that with clear direction it is now enjoying a burst of energy. Martins gets plentiful advice from Jerome Robbins, Balanchine's longtime colleague in choreography. The new job means a profound change in Martins' personal relationships: old bosses are equals, old pals are subordinates who must sometimes be disappointed. "It's a tough time now. We still think that Mr. B. will walk in Tuesday at 11," he says. He shifts...