Word: slump
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Dates: during 1970-1979
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...most of Europe, 1976 was a year of disappointment and frustration. As Britain and its once proud pound continued to slump, Labor Prime Minister James Callaghan began talking like a Tory; he urged the trade unions to ease off on wage demands and ordered cuts in costly social services. Italy's Communists under Enrico Berlinguer came closer to entering the government by increasing their vote from 27% to 34%, while the tired Christian Democrats held steady...
...next six months the market moved listlessly sideways. Tantalizingly, the Dow pierced the 1000 mark no fewer than eleven times during the year, only to fall back every time. On Sept. 21, the index reached 1014, its peak for the year, but then it fell into a slump that knocked 90 points off the average and for a while turned Wall Street into a boulevard of dented dreams...
...same sluggishness prevails in the man-made fiber industry, although sales of Dacron-one of many fibers produced by Du Pont-continue strong. Du Pont still is suffering because of downturns in clothing sales and the housing slump. Chairman Irving Shapiro has predicted lower fourth-quarter earnings for the chemical giant. The industry, he says, has 30% more capacity than in 1973. Sales of aluminum are brisk, but a Reynolds official says that costs still are not being covered...
...cheap: only $18.23 to fly the 400 or so miles from Moscow to Leningrad (comparable fare in the U.S.: New York-Cleveland, $56). Travelers, however, are all too familiar with the price for Aeroflot's convenience: overbooking and canceled flights. Airports often resemble dormitories as hundreds of people slump in sleepy resignation, sometimes for days, without adequate dining facilities...
...cuts and increased government spending. A failure to get the major economies moving again, the experts indicated, could dangerously increase social and political tensions, especially in other economically bedeviled nations, such as Britain, Italy and, to a lesser degree, France. Moreover, almost all economists agree that a slump in Europe would be bad news for the U.S. Says Lawrence Klein, President-elect Carter's chief economic adviser: "What really scares me is signs of a worldwide slowdown at a time when the economies of the West have become increasingly synchronized...