Word: downturns
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Dates: during 1970-1979
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...policymakers are in the process of charting a course toward more fiscal ease. Neither Treasury Secretary William Simon, Chief Economic Adviser Alan Greenspan nor Federal Reserve Chairman Burns wants to give up on vigorously fighting runaway prices. In their view, soaring costs are a key factor in the business downturn because they force consumers to put off purchases of everything from autos to airline tickets. Even so, Simon and Greenspan have said that a tax cut might be appropriate if the economy continues to weaken...
...downturn is likely to continue at least through the first half, with a recovery beginning perhaps in September or October. Its strength will depend partly on Government policy, partly on other factors. If the Federal Reserve does put out more money, the credit-parched homebuilding industry should eventually revive, which will help producers of appliances, carpets and furniture; a quick tax cut would give the recovery more speed. And if inflation rates do turn down, as the economists expect, increased wages by midyear should be pushing incomes up faster than prices for the first time in more than a year...
...1970s' crisis is beginning to compete with the 1958 recession for the worst economic downturn since the Great Depression. In 1958 the unemployment rate exceeded 7 per cent for seven months, and once hit 7.6 per cent...
...seem silly but that is just what did happen with the downturn of 1970-71. In 1971 Nixon decided he had to get the economy moving again before the 1972 election. He got it moving. And here...
MACHINE GOODS. Foreign orders were strong through the spring for everything from typewriters to locomotives. But they are now off 9% from the summer peak and falling. The downturn is expected to worsen because economic forecasts for France, Germany's major customer for machine goods, are also rapidly darkening...