Word: slowdown
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...difficult to prove. J.P. Stevens & Co. Inc., which makes a broad range of textile products, closed three of its mills for a week last month. Deering Milliken cut several of its plants back to a four-day week. But much of that can be attributed to the overall slowdown in the economy. Actually, the U.S. textile industry has increased its sales from $13.8 billion in 1960 to $21.3 billion last year, and employment has edged upward from...
...that such a turnaround had not yet occurred. A preliminary tabulation of 692 corporations by New York's First National City Bank showed that profits in 1970's first quarter declined 7% from the same quarter last year. As usual, manufacturers bore the brunt of a business slowdown. Their profits fell 9% from a year ago, and 13% compared with the last quarter of 1969. The sharpest losses were in electrical equipment, largely because of last winter's three-month General Electric strike, and in steel, building materials and aerospace. The decline, however, was far from uniform...
Uneven Effects. The mini-recession has had uneven effects across the economy. Airlines suffer immediately from corporate cost-cutting. Trans World Airlines reported a $40 million loss for the quarter, partly caused by the work slowdown on the part of air-traffic controllers during March. RCA, hurt by a decline in sales of television sets and other consumer items, had a profit drop of 36%, to $27 million. Oil-company earnings so far have generally decreased...
THOUGH Administration officials figured that last week's statistics showed that the worst of the slowdown may be over, nobody was trumpeting that inflation has been beaten. The President's policy of controlling inflation by deflating business has been only half successful. It has stunted economic growth for many months but not yet significantly slowed price increases. A listing of some economic barometers since Nixon's first full month in office...
...overdone. Like IBM, computer makers who are less dependent than Control Data on Government orders are still doing well. RCA's first-quarter computer sales were up 20% from a year earlier. Those sales, to be sure, reflect orders placed a year ago, and Wall Street expects a slowdown in orders soon. But that has not occurred yet on any broad scale. Some businesses, in fact, are increasing rather than reducing their orders because of the developing profit squeeze; they hope that new, faster and more sophisticated computers will cut costs...