Word: falloff
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...people bought new performances since at that time reissues were less common. When new recording techniques like digital came along, consumers acquired their favorite works with better sound quality. But the durability of CDs - and the emergence of top-selling crossover artists like Andrea Bocelli - has meant a falloff in new core classical releases. In 1987 the London Symphony Orchestra recorded 198 sessions for classical albums; in 2001, only 95. Now the orchestras are fighting back. Cheaper recording technology plus new deals with musicians' unions have enabled several major ensembles to launch their own labels. The biggest success story...
...public financial help when times get tough. And times don't get much tougher than right now. Fiat Auto, which employs more than 30,000 workers in Italy, lost $808 million in the first half of 2002. Having overbuilt capacity just in time for the falloff in demand, the company's gross debt has climbed to some $32 million. Fiat last week announced 8,100 layoffs and asked the government to declare a state of crisis, the first step to public aid for its workers and factories. It is a request that people in Cassino, 70 km north of Naples...
...falloff is good news for the border cops, it's bad news for ordinary Mexicans. Even in the best of times, Mexico depends on the money migrants send home: remittances are the country's third largest source of dollars, after tourism and oil. But some 60,000 Mexican migrants lost their U.S. jobs after the attacks. With workers like Guzman stuck at home, and Mexico in a recession provoked in part by the U.S. slowdown, Mexicans are hurting. In Puebla state, the town of Chinantla lives on cash sent back by migrants. One resident, Antonio Castellanos, is watching business tank...
...putting armed sky marshals on its flights. British Airways has abruptly taken away the fancy cutlery from business class so it won?t be used as fancy weaponry. And Sabena, Belgium?s perennially troubled airline, is offering "Fear of Flying" seminars to its nervous clientele. Amid the worst falloff in passenger traffic in a decade, European airlines are all scrambling to convince the traveling public that it?s still safe to fly in the aftermath of the terrorist attacks in the United States...
...coming back and biting themselves on the ass, and the potential disaster lurking in the jump in the unemployment number is that it will scare the consumer into closing his wallet. (And unemployment, lagging indicator that is, could rise further even as a recovery gets underway.) A falloff in consumer spending, of course, is bad for everybody - without customer demand waiting for them, businesses will continue to cut costs but not make anything new, and this whole near-recession wouldn?t be long in turning into a real one. That?s the bad news...