Word: slowdown
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...Hostility. IPC's row with Baghdad has been long simmering. A decade ago, Iraq took over some of IPC's concessions; since then it has drilled for oil with Soviet help and become increasingly hostile to the international consortium. Last year, relations were rubbed raw by a slowdown in the growth of world demand for oil. In Iraq's northern fields-the ones now nationalized-IPC cut production by 11%; but in the southern fields, nearer to Persian Gulf shipping points, it raised output by 74%. Despite the fact that Iraq's revenues rose...
...tough, painstaking but nonpolemical SALT negotiations extending over 2½ years. Through some 130 separate meetings, alternating between Helsinki and Vienna, the talks were often deadlocked and agreement seemed improbable. But in the end, both sides showed a realistic willingness to compromise. The result should be a historic slowdown in the costly and dangerous arms race. It does not end that race, however, and even more painful bargaining lies ahead...
...into clamping "voluntary" restraints on textile exports to the U.S., the Japanese redirected much of their sales drive to Europe. In Britain, Japan has won 20% of the market for some kinds of man-made fibers v. 2% in 1970. The Japanese assault coincided with a temporary European economic slowdown that intensified competition and forced manufacturers to cut prices...
...below expectations, while joblessness has jacked up government expenditures for unemployment compensation and welfare. Although it has become an intellectual fad to question the need for vigorous economic growth, no Governor, mayor or federal budget director can have any doubt about the meaning of a halt or even a slowdown: fiscal disaster...
...housing boom is still lifting sales of furniture and appliances in much of the country, notably the Midwest. But in California, where a slowdown in housing starts has been predicted, San Fernando Furniture Galleries Manager Chet Steinman reports that "people are not separating themselves from their money because they are not sure of the economic policy of the country...