Word: slowdowns
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Workers at West Germany's Porsche will get an unusually long Christmas break this year. The plants that produce the prestige sports car will not reopen until Jan. 22, and even then production will be cut back by two-thirds. The slowdown is the result of Porsche's overreliance on the American market, which absorbed about 60% of the company's production in 1986. But 1987 sales slowed to a crawl because of the stock-market crash and the decline of the dollar against the West German mark...
...seems muffled so far this year. As customers browse among the cashmere sweaters and compact-disc players, many are having doubts not only about this month's expenditures but also about their whole philosophy of buy, buy, buy. The October stock-market crash and the likelihood of an economic slowdown next year have rekindled the feeling that Americans must reform their spendthrift ways. "Consumers are so far out on a limb," declares Economic Consultant A. Gary Shilling, "that the crash has shocked them into an agonizing reappraisal of their conduct...
...hurricane right now. All the usual indicators aren't very useful in telling what's going to happen next." While the consensus is that growth will slow to a laggard 1% or 2% early in 1988, there are no concrete signs so far of a drastic consumer-spending slowdown. Last week the Commerce Department reported that retail sales during October were up .7%, not including autos. Even with car purchases, which declined because of an end to rebate promotions, sales were off only a minuscule...
...survey of 35 economists last week predicted that the economy will expand at a humdrum 2.8% annual rate during the last half of 1987 and a sluggish 1.4% in the first half of 1988. While that is a definite slowdown, it is not quite a dead halt. A few economists, however, predict a recession. Among them is Irwin Kellner, chief economist for Manufacturers Hanover, the New York City banking company, who thinks the U.S. economy will shrink by 2% in the first half of 1988 before quickly recovering...
...ultimate impact of a continued devaluation will be a slowdown in the growth of American living standards, or an absolute reduction. But that may be the price of having run huge trade deficits year after year. Says Stephen Marris, an economist with the Institute for International Economics in Washington: "We are in a mess. There is no easy...