Word: slowdowns
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Dates: during 1970-1979
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ALTHOUGH 1972 was a rare year in which U.S. business performed almost exactly according to predictions, it did contain one embarrassment for economists: housing starts, which were widely expected to decline, instead rose 15%, to a record 2,400,000 units. Undaunted, economists are again forecasting a slowdown in 1973, and this time it seems that they will be correct. As builders gather in Houston this week for the annual convention of the National Association of Home Builders, many concede that the industry cannot keep up the 1972 pace. Housing starts are expected to slip...
...increases in recent years, as well as higher personal incomes due to the economic surge. This year the Federal Government will pump out $6 billion in revenue-sharing funds for states and localities to spend as they see fit. Revenue sharing will make up for some of the slowdown in growth of federal grants for specific projects...
...Germany, inflation runs at an annual rate of 5.5% and is the prime issue in the campaign for next month's federal election. The country is pulling out of a recent economic slowdown, and Chancellor Willy Brandt is eager to avoid any price controls or other restraints that might impede the recovery...
...President really succeeds in holding federal spending for fiscal 1973 to $250 billion, economic growth might slow by the fourth quarter. Greenspan adds that in the still more unexpected event of a McGovern victory, the confidence of managers and stock market investors could be shaken enough to produce a slowdown in the fourth quarter and beyond. Even then, the shape of the year would not be affected much: businessmen have already made too many purchasing and expansion commitments...
...more fashionable worries in U.S. business is that a "productivity crisis," a slowdown in the growth of output per man-hour, is crippling American ability to compete against foreign industry. Some figures compiled by the Bureau of Labor Statistics, however, indicate that this fear is largely unfounded. In 1971, the BLS reports, unit labor costs-the figure that represents how much productivity gains have softened the impact of wage increases-rose only 2.7% in U.S. manufacturing. That was less than half the rate of the increase in Japan, Canada and some Western European industrial nations. Although the biggest reason...