Word: quarters
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Dates: during 1970-1979
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...more pessimistic views is held by James Howell, chief economist and vice president of Boston's First National Bank. He thinks the economy has sufficient momentum to carry it to the beginning of the second quarter in 1979, but "then the country will have a tough row to hoe for the remainder of the year." Howell expects 2 million people to be added to the unemployment rolls, leading to a jobless rate of about 8% (compared with a high of 9.2% during the last recession). A. George Gols, an economist with Arthur D. Little, Inc., expects a recession that...
Administration officials do not accept the forecasts of a recession. Last week Treasury Secretary W. Michael Blumenthal speculated that next year's growth in G.N.P. would be about 3% or more. "It may be a shade above that for a quarter or two," said he, "or a shade below." Added William Cox, deputy chief economist at the Commerce Department: "I still feel we're not likely to have an outright recession next year. There are several elements of strength in the picture." He cited increased business investment and the improving balance of trade. "There's a reasonably...
...some good news about U.S. industry's competitive strength. In the third quarter of this year, according to a poll of 548 large companies by the Wall Street Journal, average aftertax profits were up by 21%, compared with the same period last year. Airlines and the steel industry posted big increases; General Motors' net income rose by 31% to $528 million, its highest quarterly earnings ever...
Corporate belt tightening, price increases and the continued buoyancy of the economy all helped to increase profits. Kemble Stokes, a Commerce Department senior economist, adds another, more intriguing reason. During the third quarter, the U.S. managed a jump in nonfarm productivity of 3.7% at an annual rate, compared with a first-quarter decline. The increase was startling because productivity has slipped badly in the U.S. since the mid-1960s, partly as a result of the flow of less skilled people into the labor force and the proliferation of costly government regulations. For the past five years America's rate...
Riccardo says he recruited Iacocca because Chrysler "needed additional firepower." While Ford and General Motors are both enjoying robust sales and profits, Chrysler is in the midst of its worst year since 1975, when it lost $260 million. The company lost $158.5 million in the third quarter alone, and its full-year deficit could reach $250 million. On the plus side, Chrysler in August sold its European automotive assets to France's Peugeot-Citroën in a deal that included $230 million in cash. Riccardo has announced that Peugeot-Citroën coughed up the $230 million this...