Word: downturning
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Dates: during 1980-1989
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...unemployment picture has also begun to brighten. Normally, jobless rates continue to climb for many months after a slump bottoms out. But unemployment in the current downturn eased from a July peak of 7.8% to 7.5% in September, the lowest since April. Meanwhile, Commerce Department figures show that the economy as a whole expanded at an annual rate of 1% during July, August and September. Whether or not that poky growth can be taken as proof that the recession has passed, it does represent a sharp turn-around from the previous three months, when the nation's output...
Though the week-to-week figures have been encouraging, the underlying distortions and weaknesses in the economy have, if anything, grown worse in the course of the 1980 downturn. Says James Solloway of the Argus Research Corp., a private economic study group: "We got through the recession without solving any of the big problems. We still have very high inflation, very volatile money markets, lagging productivity and very deeply entrenched inflationary expectations." What is more, economists now fear that the recovery could fizzle out altogether in early 1981, sending the economy stumbling back into recession all over again, no matter...
...prevails, but an equally unreal threat of an approaching slump. Indeed, economists who worked for Gerald Ford at the time complain bitterly that misleading and later revised figures for August, September and October 1976 may have cost him the election by allowing Carter to warn of an imminent downturn under the Republicans. In fact, within three months after Carter's Inauguration, the economy was expanding so briskly on its own that the President was forced to abandon his idea for a quickie $50 tax rebate...
Conceding that monetarist policies to this point have failed to alleviate Britain's woes, Frost maintained they have played no part in the distinct downturn of the economy in the past year. The attempt to control inflation by tightening the money supply--cutting public spending and raising mid-range interest rates--has not worked, resulting only in 16 per cent interest rates, an economy mired in quicksand, and what promises to be a cold and turbulent winter...
Ever since the nation first began slumping into recession last winter, economists have been warning that it would prove diabolically difficult for the U.S. to climb back to sustained growth without aggravating inflation. Last week, with the downturn already showing signs of beginning to bottom out, members of TIME'S Board of Economists somberly concluded that this recovery would not bring any significant slacking of price hikes. Democrat Walter Heller from the University of Minnesota appeared to sum up the views of his colleagues on the board with a rhetorical question: "Recession, where is thy anti-inflationary sting?" Instead...