Word: slump
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Dates: during 1970-1979
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...world energy agreement is reached, then the oil cartel states, which are already contemplating another price rise, might retaliate in support of the commodity producers with a larger increase that could choke off recovery from world recession. There is also a danger that the commodity price slump and the industrial world's growing reluctance to pour money into countries where nationalization is a threat will reduce investment in raw materials production enough to leave supplies short when demand rises again, perhaps triggering a price explosion even worse than in the last boom...
...transition from recession to recovery is a time of economic confusion. Last week a large batch of statistics, resembling so many fingers pointing in opposite directions, clearly mirrored that unsettled condition. Generally the figures fit the picture of an economy finally poised to climb out of its deepest slump in almost four decades, but they also point to a relatively slow recovery...
...receive them), making more urgent the biggest economic question of the moment: What will consumers do with the bulk of the money? Use it to repay old bills? Tuck it away in savings accounts? Or spend it promptly in ways that could help the economy recover from its worst slump since the 1930s? Last week a survey by TIME correspondents clearly indicated that most of the early dollars are indeed being spent quickly. This finding strengthens hopes that an upsurge in consumer buying, fueled by $8.1 billion of rebate money being paid out in May and June, will lead...
...against the Belgian franc, Dutch guilder and West German mark, and has lost 20% of its former worth in French and Swiss francs. Last week U.S. currency fell below the level of four francs to the dollar for the first time since 1973-and the consequences of its slump were making some disturbing waves...
...strangest aspect of the dollar's slump is that it continues despite wide agreement among fiscal experts that the greenback is now drastically undervalued. According to the West German Statistical Office, a dollar in the U.S. now buys as many goods as 2.94 marks will in Germany-yet the dollar was being traded in Germany last week for only 2.33 marks. The most immediate reason is that for months, American interest rates have been dropping, while in Europe rates were rising. Seeking the highest return, investors, including American-based multinational firms, have been dumping dollars and buying into currencies...