Word: slowdowns
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...Certainly the screams are growing deafening. The industry is already coming off its worst summer since the Gulf War, struggling with an economic slowdown, miniscule profit margins and staggering debt. And after losing hundreds of millions of dollars a day during last week?s total grounding, airlines have slashed schedules 20 to 60 percent this week as ticket sales have crashed. Even the flight attendants who lost 25 colleagues in Tuesday?s suicide hijackings, are requesting unpaid leaves out of fear for their lives...
...investors running out of the market stop, think it over - and then keep right on running. The bad mood was sensible enough - American Airlines announced 20,000 job cuts, and those ripples claimed Boeing, which despite an expected boost for its defense business said that the expected commercial-jet slowdown manufacturing would cause it to lay off 30,000 of its workers. And when it became apparent that institutional investors - the big money - was leading the stampede that pushed the NASDAQ below another long-ago low of1500, the mood started to look a lot like panic in the face...
...even if Greenspan moves aggressively, it may not work. His seven cuts in eight months so far have not packed the needed firepower to reverse this torturous slowdown. Indeed, the folks who listen to Greenspan most carefully--those in the Treasury-bond pits--are starting to give up on a Greenspan solution. In a sign that they expect economic weakness to persist, last week traders shoved long-term bond yields close to a 2 1/2-year...
Manufacturers hoping to boost a sagging PC market are racing to equip computers for wireless networking. "It's considered something of vast importance, given the economic slowdown," says International Data Corp. (IDC) analyst Jason Smolek. Compaq, Gateway and Dell are all selling computers with built-in wireless networking capabilities. IBM launched a top-line Wi-Fi equipped laptop named ThinkPad T23 in late July that offers enhanced security features. Apple, which virtually pioneered wireless home networking when it launched AirPort in 1999, is ahead of the pack. All its computers have been WLAN-ready since then...
...shed staff, laying off tens of thousands of workers Koizumi's plan: Subsidies to companies that hire; more money for job retraining; recruiting young college grads and near-retirees to teach; a supplemental budget for public works spending Outlook: FAIR. Remedies aren't enough. Business failures, the global slowdown and banks calling in bad loans all mean more people will lose jobs...