Word: slump
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Dates: during 1970-1979
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...West Germany, $1.72 in Italy, $2.50 in Greece. Electrical advertising signs were banned after 10 p.m. in France and during the daytime in Britain. In Athens, the floodlights illuminating the Acropolis were turned off. Throughout Western Europe, energy costs were a cause of the slump in sales of autos, houses and electrical appliances. Layoffs spread in those and other industries. Unemployment hit a postwar high in France. In Germany, foreign workers were being paid bonuses to quit and go back home...
...economists foresaw a slump that in some respects will be the worst since the '40s. Their key predictions...
...easily make errors that would result in an even longer and deeper recession, a reignition of inflation or possibly both. In a way, the situation resembles an especially bitter good news-bad news joke. The good news is that, despite everything, inflation is expected to lessen and the slump is likely to end before it flowers into a genuine depression. The bad news is that those are the only two bits of good news...
Despite industry predictions of an autumn turnaround, the slump is worsening, and at an alarming rate...
...before Stroud's third editorial, the Free Press flip-flopped in a different sense. Folksy columnist Judd Arnett revealed on the last page that Henry Ford had told him he favored a gasoline tax-big news in a town suffering the worst slump in car sales since 1958. The afternoon competition, the Detroit News, immediately saw the dynamite in the story, got a statement from Ford, and ran it on Page One, scooping the Free Press. Next day the Free Press tried lamely to recoup with predictable reactions from economists...