Word: slowdowns
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...insatiable wanderlust of millions of its well-heeled citizens. In 1967, the outflow turned to a flood-between $3.5 billion and $4 billion. Major factors included the tourist rush to Canada's Expo 67, the outpouring of private funds to finance Israel's costly war, the slowdown in Europe's economies and, most important of all, Britain's devaluation of the pound, which caused a speculative rush for gold and put intense pressure on the gold-backed U.S. dollar...
...interest rates up (Eurodollar bond-yield rates climbed 1%, to 7.2%, last week). Declining tourism and tougher competition from U.S. exporters are considered likely to depress business revenues. Italy expects the U.S. controls to tip its precarious balance of payments from surplus to deficit. Japan and Britain foresee a slowdown in trade-and resulting larger payments deficits of their...
...dominant degree, the '67 slowdown resulted from cutbacks in business buying for inventory, which had soared to unsustainable heights late in 1966. It was a troublesome legacy, even through the April-June quarter when businessmen liquidated their stocks of appliances, hardware and other durable goods at a $600 million-a-year pace. One persistent casualty of the sell-off was industrial production, which not only failed to gain but this summer slipped to 2% below its level of a year earlier. Since spring of last year, the nation's factories have reduced their operations from...
...least 3% this year. Earnings could be down by as much as 24% from last year's $389 million. A main source of that slump is lagging profits in the synthetic-fiber business. Accounting for about one-third of Du Pont sales, synthetics have been hurt by a slowdown in the textile industry caused largely by rising imports and falling prices. While Du Pont continues to base hopes for recovery on its huge research budget ($110 million a year), McCoy realistically admits that "the more discoveries we make, the more rapidly our competitors move in against...
That prospective performance compares with a 4% growth last year, which was the worst since the Common Market's first full year. Earlier this year, EEC experts predicted a slowdown of lesser proportions. The German recession, however, proved more durable than anticipated; despite recent frantic efforts to revive business, a fifth of Germany's industrial capacity stands idle. This year, the country's gross national product is expected to drop about...