Word: slowdowns
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...extent of the first-quarter slowdown was confirmed last week by a spate of key indicators. The Commerce Department said consumer spending, which accounts for two-thirds of the GNP, fell .5% in March to record its sharpest drop in 1/3 months. At least part of the recent buying weakness reflects a monumental Government snafu. The Internal Revenue Service's glitch-filled installation of new computers kept consumers from receiving $6.8 billion in tax refunds in February and March. Those refunds would probably have been quickly spent and helped the economy...
...part to increased investment. The British economist foresees growth this year reaching 3.5%, but attributes a full percent of it to a temporary boost from the ending of the miners' strike. He expects the expansion to taper off to 2.25% next year. Brittan noted that the slowdown in the U.S. has not seriously affected West European growth so far because it has limited American output but not demand for products supplied by the rest of the world...
TIME: Is the chip business headed for a slowdown...
ENGIBOUS: The chip business tends to be more cyclical than the economy in general. Predicting the next slowdown is hazardous at best. That said, the number of new electronic applications becoming available bodes well for a continuing period of strong growth...
...problem," said economist Robert Brusca of FAO Economics following the Federal Reserve Chairman's words of concern accompanying a hike in short-term interest rates last week. "I think we have a Fed-credibility problem." Brusca is more worried about nascent signs of weakness, including eroding consumer confidence. A slowdown would quell inflationary pressures quickly, and one theory is that Greenspan's warning was part hype to justify jacking up rates so that he has room to cut them again if things deteriorate...