Word: slump
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Dates: during 1970-1979
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...Slump. "The recession is on," says Walter Heller, a member of TIME's Board of Economists. The Government has made no official announcement of this (a recession is customarily defined as two quarters of declining production), but it unofficially estimated last week that national output of goods and services dropped at an annual rate of 2.4% from April through June. OPEC's oil boosts make this downturn immeasurably harder to reverse; they will drain perhaps $30 billion out of Americans' pockets by the end of 1980. Unemployment has been holding steady at just under 6% so far this year...
...nations, will go still higher. Economic growth will slow to at best a crawl, and unemployment will grow, in the U.S. by perhaps as much as 1.4 million in the next twelve months. In short, for the second time in a decade, the threat of an OPEC-induced global slump is imminent...
...Fisk is not moping around the clubhouse too much. After facing Detroit last month, Fisk said, "Yeah, I batted like a limp fish today, but I'm not going to take it too hard, because the more you think about it, the more you will fall into a mental slump, and that leads to worse." Fisk also said that he will take his sore elbow through the season a "day at a time, because at this point I know its hurt, I don't really know how, and there's nothing I can do to make it better but take...
...recovery, is slowing substantially. The nation's output of goods and services grew by a paltry .8% in the first quarter. For April and May, industrial production actually declined, though only slightly, for the first time since January 1978. The standard forecast now is for a shallow slump lasting no more than two to three quarters...
When Rome fell, vacations and the tourist trade went into a slump that lasted in Western Europe for a thousand years. The medieval traveler making his way from one feudal barony to another navigated in hostile passages, always uncertain of refuge, as if a gargoyle Karl Maiden flapped after him, haunting him with visions of disaster. Some people setting off on vacation this season must believe that they have now arrived at a 20th century equivalent: a late Sunday afternoon on the American open road, the long procession of gas stations relentlessly shut down and the gauge's needle...