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...long can this keep up? Technically at least, the recession was supposed to have ended a year ago. But the relentless pace of new layoffs, along with ! the surge in unemployment from 7.5% in May to an eight-year high of 7.8% in June, has mooted the normal distinction between a recovery and a slump. The harsh reality is that the U.S. remains mired in a prolonged period of stagnation that threatens to drag on for years. Companies have restructured, whole industries have scaled back their work forces, and staying lean has become embedded in the corporate consciousness. "This...

Author: /time Magazine | Title: The Great American LAYOFFS You call this a recovery? | 7/20/1992 | See Source »

...long run, the relentless downsizing could pay dividends in the form of a more productive and competitive economy. "We're honing down and becoming more efficient," Norwood says. "In some ways, that is good for us. But it's a painful process. You can't get anywhere without economic expansion, and you can't have growth without creating more jobs. It's a vicious cycle." For the moment, at least, Americans may have little choice but to hope that the pain they endure today will produce some gain tomorrow, or perhaps the day after...

Author: /time Magazine | Title: The Great American LAYOFFS You call this a recovery? | 7/20/1992 | See Source »

...uncomfortable truth is that the Guggenheim has been problematic not just for curators but for visitors: the interior could be oppressive and maddeningly hermetic. Now, for the first time, the museum has complexity as well as sheer monomaniacal power. You can still keep to Wright's relentless ramp, but now you can also break away at four different levels into the new building and wander the loftlike galleries freely. Gwathmey has opened up the place, clearing away clutter and creating dozens of new architectural moments -- glimpses of Central Park, comfortably arm's-length views of the great ramp itself, details...

Author: /time Magazine | Title: Finally Doing Right By Wright | 7/6/1992 | See Source »

None of these qualms, however, are likely to slow the relentless race toward global electronic trading. If handled correctly, the new systems could lead to markets that are more efficient and easier to monitor and police for fraud. In any event, the scenes of traders wildly waving pieces of paper from the floor pits will give way to those of traders around the world furiously typing orders into computers...

Author: /time Magazine | Title: Futures Shock Are trading floors obsolete? | 6/29/1992 | See Source »

...neighbor Dave Petteys, 48, got religion on that very principle a couple of years ago. He attended a demonstration with soil samples, one lifted from a field planted conventionally, the other under residue management. The first sample was a chunk of earth devoid of worms and compacted by the relentless assault of heavy equipment. A bucket of water poured on top of that soil ran off to the sides. The other sample was spongy loam abundant with worms, and the water disappeared on its surface and in a few seconds ran out the bottom...

Author: /time Magazine | Title: Hugh Sidey's America: Revolution on the Farm | 6/29/1992 | See Source »

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