Word: downturning
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Dates: during 1980-1989
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...through 1980, productivity actually declined; 1981 saw only a small increase. But productivity rose at an annual rate of 2.6% in this year's first quarter, and a further .5% in the second quarter, though it usually drops during recessions. That was partly because employers in this downturn have been more ruthless than in the past about laying off workers rather than keeping them around with little to do. This gives those who remain a particular incentive to protect their jobs by being more efficient. But economists see other reasons why productivity may continue to gain, and faster. Among...
...since the Great Depression of the 1930s has an economic downturn had such global reach. The crisis has become epidemic, almost inescapable. It infects both strong and weak economies, rich and poor nations, capitalist democracies and Communist dictatorships...
...most of the less-developed countries, the global downturn has been devastating. In Costa Rica, where unemployment has risen to 17%, the government is stepping up a program to hand out bread, rice, beans and other food to the jobless. In Tanzania, where inflation is running at 29%, the government has dropped 966 projects from its budget, including the construction of several schools and the country's new capital at Dodoma...
Evidence is building that the world economy is going through more than a temporary, cyclical downturn. Says Herbert Giersch, director of West Germany's Institute for World Economics in Kiel: "The stagnation of the European economy will not be solved before the end of the decade." Chase Econometrics, a U.S. consulting firm, has projected that between now and 1991, annual growth in most industrial countries will average only 2% to 3%. Worse, Chase predicts that unemployment in the U.S. and Europe will hover around 8% to 9% over the next decade...
...seven-member Federal Reserve Board, sometimes called the supreme court of finance, has long been a subject of swirling controversy. In 1975, during a deep recession, Democrats in Congress charged that the board's chairman, Arthur Burns, who served from 1970 to 1978, had made the downturn worse by keeping too tight a grip on the money supply. His successor, G. William Miller, was attacked with equal vigor later on for the opposite reason: pumping too much money into the economy during the Carter years and thus fueling inflation...