Word: slowdown
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...latest discount rate increase prompted a rare rebellion among its seven governors. Three of them opposed the move, saying it would seriously worsen the slowdown in the economy. There are signs that the recession will be deeper and longer than was predicted only three months ago. So some economists dispute Volcker's assertion that "what basically is good for the dollar is good for the economy at home." They are fearful that in his zeal to raise interest rates to buttress the buck abroad, he will worsen the Interest rates have been rising through the industrialized world since July...
...ruefully concedes that his customers have had a rough time this year. Says he: "We did a hell of a job on the traveling public this summer. We made a shambles of things." The usual problems were aggravated by squabbles with the unions. In June the pilots staged a slowdown to express their ire over the pace of negotiations for a new contract; more than 500 flights were delayed that month; and 15% were canceled. In July more than 800 out of 6,300 flights were either late or scrubbed because of bad weather and air traffic control delays. Then...
...current slowdown continues, the danger will be that consumers will not just cut discretionary spending but also begin to forgo other purchases that would have a broad effect on the economy. Even now, studies show that consumer "confidence" is near its lowest level in 30 years. Because spending by individuals on all sorts of goods and services accounts for fully two-thirds of the nation's gross national product-far more than spending by Government and business combined-a sharp retrenchment in purchases of autos, houses and other big-ticket items would surely deepen the shallow recession that many...
...lift. But its new chairman, Paul Volcker, seems committed to a more consistent and tougher policy. Last week the Fed lifted its discount rate, the amount that it charges for loans to commercial banks, from 10% to a record 10½%, suggesting that even in the face of a business slowdown the board is at last determined to halt the excessive expansion of money and credit...
...slowdown has been applauded mainly by Southeast Asian states that have had to house a refugee population that now totals 380,000. Indeed, most of the boat people rescued by the Seventh Fleet and ships of other countries in the past two weeks had not come directly from Viet Nam; they had previously landed safely in Malaysia, only to be towed out to sea again by the Malaysian navy. As for the refugees already in camps, their plight has not improved much, despite the promises of the Geneva participants to provide $190 million in additional aid. In fact, bureaucratic delays...