Word: slowdown
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...Gain. The nation's real output of goods and services has already suffered two consecutive quarterly declines, and last week New York's First National City Bank reported that the economy is gripped by not just a temporary slowdown but by "a pervasive recession." The bank predicted that real gross national product will probably show a drop for all of 1974, instead of the small gain forecast by the Administration...
Prospects for any appreciable slowdown in inflation soon are dim. For all the public agonizing over cutting the present budget, there is little likelihood that federal spending will be reduced sharply enough to have a substantial impact on prices. Consumer prices in the first six months of this year shot up 12.6%, and they are likely to continue leaping at or close to a double-digit pace for the rest of the year. Farm prices are marching up again, and increases in wage settlements jumped from 7.6% in the first quarter to 10% in the second...
...first Baltimore police, who are also members of the AFSCME, limited their protest to a time-consuming slowdown, carefully measuring how many inches cars were parked from the curb and filling out lengthy lost-property reports for pennies picked up off the pavement. One cop took particular delight in ticketing the chauffeur of Mayor William D. Schaefer for changing lanes without signaling...
First Strike. But the mood on Capitol Hill was shaped by the economic slowdown, the apparent lack of progress at the Strategic Arms Limitation Talks with Russia and the Soviet arms buildup. As a result, most Congressmen were opposed to more than token cuts even before they began work on the Pentagon budget, which is traditionally broken up into several bills. The most controversial is the procurement bill, which contains money for researching, developing and buying new weapons. Later, Congress will vote separate bills for military personnel, retirement, operations and maintenance...
...braiders that can double the output of older machines and robots on assembly lines that relieve workers of more onerous chores, such as painting auto engines. In all, capital spending for the year is expected to rise about 13% above last year's $100 billion, despite the economic slowdown...