Word: slowdown
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Just at a time when he is beginning to enjoy a modicum of affluence, however, the Spanish worker is being pressed by inflation, which is running at a rate of about 5% a year, and by a slowdown of the general boom that Spain has enjoyed for the past seven years. Production lines no longer operate day and night, overtime has been reduced, and many factories have been forced to lay off some of their working force. Result: a wave of strikes aimed at maintaining the standard of living to which the workers have only recently become accustomed. Once...
...slowdown's most disturbing effect is rising unemployment. Even though the jobless rate is low by U.S. standards, the number of unemployed has jumped from 120,000 to 330,000 over the past year, may rise to 600,000 by spring. "A disaster has not happened yet," says Federal Unemployment Insurance Chief Anton Sabel. "It's the trend that begins to worry...
British Prime Minister Harold Wilson's deflationary policies have claimed an unexpected victim: the Fleet Street press. Troubles have been building steadily, but because of the overall slowdown, ad linage has dropped an estimated 25% from last year; only five of the eleven London dailies are still making a profit. This month the Guardian was forced to announce an austerity program: to save $1,400,000 next year, it will lay off 36 writers and editors and cut back other departments as much...
...signs of the slowdown are increasingly apparent, from Detroit's production cutback and the slowing of business expenditures for plant and equipment to last week's report from Washington that wholesale prices and retail sales both fell in November for the second consecutive month. In view of these events, the President's problem is whether to try for a tax rise that would certainly help out his budget but that might nudge a hesitant economy toward recession...
...true. Though smart, sincere and honest, Erhard did not care to dirty his hands in the invariable give-and-take of political battle. He expected the voters to follow him out of gratitude, and for a while they did. But politicians seldom survive long on gratitude. When a slowdown in industrial activity frightened the coal miners of North Rhine-Westphalia last July, they deserted the Christian Democrats, demolishing Erhard's reputation as the country's No. 1 Wahllokomotive (vote puller...