Word: slump
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Dates: during 1970-1979
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...anger and unity of the poor have been reinforced by the worldwide recession. If nothing else, the slump demonstrated how dependent the developing economies still are on the prosperity of the First World. When the industrialized West's consumption of LDC raw materials dropped, so did the price of many commodities. The world price of copper, for example, has plummeted from $1.52 per Ib. in mid-1974 to 53? today. To cover deficits caused by the loss of sales to the West and the increase in imported oil prices, many developing countries have had to borrow heavily. Their total...
...economists' predictions for the coming year could be symbolically represented by a painting, it would be a portrait in muted pastels-no dazzling rosy hues, no daubs of black. The recovery from the worst slump since the Great Depression will continue at a steady but unspectacular pace. Unemployment and inflation will both come down, slowly and moderately. It will be a year of transition-but will the transition be to a new period of balanced growth or a time of stagnation...
...Even discounting the fact that consumer prices are about 7.5% higher than a year ago, that would leave a real gain. Bloomingdale's President Marvin S. Traub says his store could post about a 15% gain over 1974, when the economy was skidding toward the bottom of its worst slump since the 1930s...
...buying mood. One reason: about 1.4 million more Americans are working now than six months ago. Their paychecks help swell spending directly, and the rise in employment probably eases the fear of layoff and thus boosts buying confidence among people who held on to their jobs all through the slump. On the other hand, unemployment is still high, and the take-home pay of workers has barely kept ahead of inflation...
...that slump has given way to a recovery that has lately looked surprisingly vigorous, even though it is still dogged by a distressingly high jobless rate and a possible resurgence of inflation. Last week the Labor Department reported that unemployment in October climbed to 8.6% of the work force, from 8.3% in September-the first increase in five months. In addition, October's wholesale prices rose at a horrifying, though probably misleading compound annual rate of 23.9%. But the outlook is still for continued growth in production, which will create jobs...