Word: slump
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Dates: during 1970-1979
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Holding Prices Up. Last year Israel exported $216 million worth of polished diamonds, which ranked second in the world only to Belgium's $250 million. This year the economic slump in the U.S., which is the biggest customer, has hurt the trade. According to Moshe Schnitzer, the 49-year-old Israeli exporter who is president of the World Federation of Diamond Bourses, global sales have dropped by 30% so far in 1970. But Israel has done better than its competitors because it concentrates on the smaller stones, about one carat or less, which are becoming the most popular ones...
...well-publicized clobbering that Wall Street's professionals have taken during this year's slump has hit nobody more than the men who make the markets on the stock exchange floors -the specialists. Estimates of the losses absorbed by the 470 specialists on the New York and American stock exchanges run to tens of millions of dollars. That is not surprising, considering the seemingly thankless job that these insiders have. They are supposed to buy when most investors are selling, and sell when most are buying...
...Both sides have compelling reasons for wanting an early agreement. Just as the Nixon Administration is under pressure to reallocate Government spending, the Soviet leaders would doubtless like to divert money from nuclear arms and into industrial projects that would help snap the Russian economy out of a severe slump...
...When 1,000,000 people, half of whom are probably in the $10,000-to-$ 18,000 bracket or better, are out of work largely because of Government spending cutbacks in aerospace and related industries, you cannot help but have a slump [June 1]. It is simply a downward spiral: less income, less tax paid, less money spent; ergo more Government funds for unemployment...
...slump should continue to be mild-because consumers' buying ability remains strong: almost half of those polled said their earnings have increased over the past year. But people are reluctant to make purchases because they see no sign that inflation is easing, and they are increasingly worried about unemployment. The consumers' gloom will not be dispelled, says the survey, until the Administration produces convincing evidence that it is winning the campaign against rising prices and containing the spread of unemployment...