Word: slump
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Dates: during 1970-1979
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...chorus of confidence is swelling across the U.S. After months of gloom and fear instilled by the worst slump since the 1930s, the nation's leading economists and the chiefs of its major corporations are now almost unanimously saying that the recession is ending and that an upturn is on the way. Both the timing and the strength of the recovery are in sharp dispute. A sprinkling of optimists asserts that it has begun already and will gain speed rapidly. A few pessimists expect the economy to bump along close to its recession lows for many painful months before...
...very least, though, the nation can forget the fear, widespread as 1975 began, that the slump will continue spiraling down into a genuine depression. Hardly a businessman or economist can be found who does not expect an upturn some time this year, and most are looking for it sooner rather than later. "I think honestly that it's going to turn around in this quarter," says Joseph B. Lanterman, chairman of Amsted Industries. Says Lee lacocca, president of Ford Motor Co.: "The worst is behind us." Richard Everett, chief domestic economist of the Chase Manhattan Bank, proclaims himself "confident...
...economists and businessmen who sight an upturn are not just using their imaginations: there really are signs that the slump is braking to an uneven halt, and that the conditions for an early recovery are falling into place...
READING THE SIGNS. Economists' hopes for an upturn are not based on any single indicator, since many are still dropping. But the decline is slowing, and some trends are emerging that in the past have helped the economy to climb back out of a slump...
...prey to the Washington Bullets last night in the second game of the National Basketball Association's Eastern Conference finals. The 117.92 loss gave the Celtics a 0-2 deficit in the playoffs. Returning to Boston for the third game on Saturday, the Celtics will try to shake their slump in front of the home town fans...