Word: downturns
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Dates: during 1970-1979
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...With Watergate behind us," says Senior Editor George J. Church, "there's a new consensus that the economy is the big story." In recent months, Church's section, Economy and Business, has kept on top of the nation's wrenching downturn with major reports on the Administration's economic summits, President Ford's policies, and the angry militancy of miners and other organized workers. This week, as Americans hunker down into a recession Christmas, TIME'S cover story examines the likely depth and duration of the slump and its effects on people...
...city of Detroit, which rides the auto industry's undulations as if on a roller coaster, has yet to feel the worst of the downturn in car sales. Though auto layoffs have driven joblessness to 11.8% in the city, auto workers who have at least one year's seniority will qualify for supplemental unemployment benefits, or SUB, tacked on to unemployment compensation; the total can go as high as 95% of take-home pay for a 40-hour work week. But SUB funds, supplied by companies as part of the union contract, are not infinite and could expire...
Unemployment among the nation's 4.3 million construction workers in September hit 12.9%, more than double the national average. In some hard-hit areas like Chicago, as many as 3 out of 4 may be idle. The downturn in home building will cause other layoffs over the winter as its effects begin to show up in fewer orders for stone and clay, lumber, wiring and electrical equipment, steel and furniture. General Electric, Pittsburgh Plate Glass and Carrier Corp. have already furloughed some 1,500 employees as a result of the housing slump...
...third quarterly decline in a row -the longest downhill run since the recession of 1960-61-and the drop was almost twice as steep as in the April-June period. Some reasons: the deepening depression in housing, the impact of high costs for imported oil and a sudden downturn in inventory-building by businessmen who evidently fear softening sales. The rate of inflation, after slowing a bit in the second quarter, took a disturbing leap...
...industrial raw materials are still about double those of November 1971. And the commodities markets are so notoriously volatile that no one can guarantee against a reversal of the reversal that would send prices up again. But most economists think that the recent drop is no fluke. Thus, the downturn should allay widespread fears that the roaring commodity-price spiral of the past two years was a symptom of a global inflationary fever that might never break...