Word: quarters
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Dates: during 1970-1979
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...line's most crucial effort of the day came in the middle of the third quarter, when the Minutemen went for a first down on fourth and three at the Harvard 25. UMass halfback Cliff Pedrow went off left tackle and found no promised land. First down, Harvard...
Though the Middle East agreement creates an aura of success around the President, it does not by any means solve all his problems. Last week revised figures showed that the inflation rate in the second quarter of 1978 was a grim 11%. Despite the good news in the Middle East, the dollar continued to fall, reaching an alltime low of 1.51 Swiss francs. The dollar has now fallen about 37% against the Swiss franc in a single year. The price of gold rose to a record high of $216 per oz. Carter met with his top economic advisers last week...
...Crash of 79? Forget it. Oh, sure, there will be a quarter or two of very slow growth next year, but the odds are against anything that could even be called a recession. And if a recession does strike, it will be shallow and short...
That is the forecast of TIME'S Board of Economists, who gathered in Manhattan for their quarterly assessment of the outlook, and in the context of recent grim economic tidings, it is rather reassuring. Last week, for example, the Commerce Department reported that the annual rate of inflation in the second quarter was 11%, even worse than first estimated. President Carter huddled with his economic advisers to plan a Stage Two anti-inflation program and warned in a speech to the steelworkers that it will be "tough" and require "some sacrifice from all." The Federal Reserve made some additional moves...
True, the Government also reported that in the second quarter real gross national product?the nation's output of goods and services, adjusted for inflation ?rose at an annual rate of 8.7%. That rate is obviously unsustainable, however, and a slowdown has already begun. Though no one?not even Author Paul Erdman?really believes the apocalyptic prophecies in his bestselling novel The Crash of 79, some serious forecasters fear a genuine slump next year...