Word: slowdowns
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...with a $2.7 billion deficit in its $7.8 billion budget, proportionately the largest of any state's. With no income tax, Connecticut relies on an 8% sales tax on such consumer durables as cars, television sets and furniture -- exactly the sort of products consumers stop buying in an economic slowdown. When the current recession hit last summer, state revenues declined...
...boating industry claims to have been especially hard hit. Dealers point to the new tax as the main reason that sales have tumbled 88%, to $8 million, in South Florida during the first quarter. The recession no doubt contributed to the slowdown, but boat sellers complain that shoppers have escaped the tax by buying yachts in the Bahamas. "It's a question now of how long we can hold out until the tax gets repealed," says Werner Kuhnke, a Miami-based Bertram Yacht dealer. Another consequence of the tax, contends the National Marine Manufacturers Association, has been the layoffs...
What's happening in Washington? Not much, actually. Except for a few committees examining high-profile issues, many legislators are coasting from the recent Easter holiday toward the Memorial Day recess. But the slowdown hasn't kept some of them from two favorite diversions: pork-barreling and politicking. The envelope, please...
...vulnerable jobs can be. CBS said its profits fell 73% in the first quarter, to $23.3 million, and announced plans to dismiss 400 workers. In Boston GTE said slack defense spending meant layoffs for 500 of its workers at a unit that makes military communications equipment. Grumman said the slowdown will force it to cut 1,900 jobs. In Baltimore, insurer USF&G said it will reduce its work force by 1,900 positions...
With 61% of its revenues coming from abroad, IBM blamed an international economic slowdown and the Persian Gulf war for poor earnings. Big Blue's bad news was especially troubling for other computer companies, such as Digital Equipment and NCR, whose stocks also fell as traders anticipated similar earnings declines...