Word: slowdown
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...generally accepted definition, a recession is at least two straight quarters of declining GNP. Even though the economy managed to eke out a feeble 1.2% rate of growth in the second quarter of 1990, many economists argue that the current slowdown already merits the title of recession. The pessimists gained a measure of support last week from a Federal Reserve report that noted that economic growth "was slow or had slackened" in June and July. "The textbook definition of recession doesn't matter," says Donald Straszheim, chief economist for Merrill Lynch. "The economy is so weak that it looks like...
...slumped in the slo-mo '90s. But the sudden spurt in the cost of crude oil brought on by Iraq's invasion of Kuwait -- from about $20 per bbl. on Aug. 1 to a high of more than $28 per bbl. last week -- threatened to turn an already painful slowdown into a full-blown recession. Says Richard Bermer, an economist for Salomon Brothers: "The question is no longer whether there will be a recession but how deep it will be and how long it will last...
...number cruncher. For nearly three decades, the Massachusetts-based manufacturer enjoyed uninterrupted growth as its potent line of VAX midrange computers muscled sales away from IBM by offering comparable computing power at cut-rate prices. But DEC has proved to be vulnerable after all. Caught in an industry-wide slowdown, the company will pare its work force by 9,000, or about 7%, by year's end. Last week DEC posted a quarterly loss of $257 million, the first red ink in its 32-year history and a stunning blow for founder and chairman Kenneth Olsen. Ironically...
...Irish also must control the tempo of the game. Though Princeton was unsuccessful in its bid to play a slowdown game against the Crimson, it may be Notre Dame's best chance for victory...
...increase in credit costs has prompted economists to predict a slowdown for Japan's growth. While only a few predict a recession, many economists believe high interest rates could dampen consumer spending. High rates and the depressed stock market could also discourage capital investment by Japanese corporations. Virtually all equity financing planned by major Japanese firms was suspended temporarily last week in an effort to prevent bogging down the market. Companies ranging from Sumitomo Metal Industries to Matsushita Electric Industrial postponed major plans to raise funds...