Word: midyear
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...even hawked their services on the open streets with all the restraint of a snake-oil salesman. The prohibition on promotion never came under broad assault until the past year, when it was attacked by consumer groups, Government trustbusters and even some lawyers. So at the A.B.A.'s midyear meeting in Philadelphia last week, advertising-which was not even on the agenda a year ago-was the premier topic. There was no way to avoid it. Last June the U.S. Supreme Court threw out uniform minimum fees set by bar groups and ruled that attorneys-as well as doctors...
THEY STEPPED OUT of Jefferson Hall into the fog, dazed and crick-necked. The midyear examination was over and they had made it halfway through Economics 10, Harvard's most popular course. In the eerie, unseasonal mist, indifference curves and isocosts danced before them. Maybe "popular" is the wrong word...
...worse than they anticipated; for instance, they now expect unemployment to average 8.7% this year, v. an 8.1% average projected earlier (Greenspan said the rate is likely to rise for May and that it will top 9% before it gets better). But they also predicted a stronger recovery after midyear than their February estimates had envisioned. Greenspan implied that real gross national product-total production minus price increases-will rise more than 5% in the third quarter and more than 7% in the fourth. For 1976 the Administration once expected only 4.8% real growth; now it is forecasting...
...decline. Greenspan, who had previously predicted that unemployment would peak at 8.5%, now said that it would climb higher than that and possibly hit 9% before going down some time this summer. Even so, he held to his earlier conviction that the recession will bottom out just after midyear-or possibly just before...
...Resources, Inc. But Greenspan, Treasury Secretary William Simon and other conservatives fear that overstimulation will aggravate inflation just when it seems to be coming under control. They would much prefer the smaller, $22 billion tax-cut proposal, which they figure would be enough to bring on recovery soon after midyear. One dissenter to the mildly optimistic forecast is Arthur Okun. He reckons that even with a tax cut, recovery could be six months off-and perhaps longer. Reason: the full effect of the big drop in employment and incomes has yet to show up in consumer spending, and Okun figures...