Word: slowdowns
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Dates: during 1970-1979
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Treasury Secretary George Shultz and Herbert Stein, chairman of the Council of Economic Advisers, cling to the fragile hope that consumers will simply refuse to buy costlier foods and thus slow price rises soon. Portents are not good, partly because of the sharp slowdown in beef production, which remains under freeze until Sept...
Oddly, the signs of slowdown are good news for the Administration's economic policymakers. They have been claiming for months that their restrictive fiscal and monetary policies were dampening the expansion. The tight budget policy was helped considerably when bulging profits and rising incomes led to an upsurge in tax revenues, which has reduced the estimated fiscal 1973 budget deficit from $25 billion in January to about $18 billion; the deficit for fiscal 1974 is now put at an almost inconsequential $2.7 billion. Earlier this year the money supply barely accommodated the needs of the growing economy...
...American have a contract limit of 75 hours, and they had been adamant in refusing flights that put them over that maximum. Management wanted them to work beyond that limit when bad weather, mechanical breakdowns or other problems made it necessary. Miffed, American's pilots began a "rulebook slowdown," taking their sweet time for routine equipment checkouts and throttling back on flights to arrive late. During the slowdown from December to April, American had to cancel 1,300 flights; connections were missed, baggage lost, tempers frayed-and many longtime American customers took their business elsewhere. The company finally...
...President and his aides were drafting changes almost up to the moment that he announced it. Even if, as seems likely, it accomplishes a temporary slowdown in price increases, the danger remains that too much inflationary momentum has been built up for anything less than an extremely tough Phase IV to curb it. Reason: the President waited unconscionably long to take a new stand against high prices...
...that a continuing decline will keep the number of new houses and apartment units started this year to about 2,000,000, roughly the rate that builders figure can be maintained over the long run. Economist Michael Sumichrast of the National Association of Home Builders believes that the construction slowdown will bottom out in the middle of next year, at an annual rate of 1,600,000 units, and then gradually reverse itself. If the slump does in fact go only that far, most housing concerns should survive it without suffering too much damage...