Word: slump
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Dates: during 1970-1979
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...together 270,000 jobs were lost last month, including 100,000 because of rubber, trucking and construction strikes. Now the great question vexing Nixon's policymakers is whether the figures will become much worse. The President's chief economist, Paul McCracken, still declines to call the current slump a recession (his own word is "recedence"), and he insists that the economy will bottom out at about its present level...
...meet that challenge, the Administration has made a massive and partly successful effort to restore calm and confidence. Both the politics and the economics of the slump depend heavily on mood. That mood improved considerably late last week with Wall Street's sharp, long-awaited rally (see BUSINESS). A more buoyant stock market cannot in itself right the basic imbalances of the economy. But if the rally is sustained, it will be a sign of confidence that the Administration's policies are beginning to work. Thus the national attitude would brighten rapidly-along with Republican prospects in November...
Launched with much fanfare 18 months ago, the combined Government-business drive to hire hard-core unemployed-particularly blacks-is becoming a casualty of the economic slump. The so-called JOBS program (for Job Opportunities in the Business Sector), which was organized by the Department of Labor and by the National Alliance of Businessmen, provides federal training grants averaging $2,400 per man to companies that agree to employ and train the unskilled. A Senate Labor subcommittee has turned up evidence to prove that, while the Government aimed at enrolling 140,000 men and women in the program during...
...will get a faster Government response than in the past, and both business and consumers know it. This assurance will give an upward bias to wages and prices." In sum, businessmen and consumers will go on spending during a slide because they will take it for granted that the slump will be short-lived...
...Glenn praise the split-second accuracy of his baseball players. "The guy," says one admirer, "has a stroboscopic eye." But Verkade goes far beyond mere reportage. He has an instinct for attitude and gesture that invites comparison with Degas and, in another medium, Daumier. He can catch the slump of an old man's shoulders as he sits alone on a park bench, waiting for nothing; the sweet awkwardness of a young mother holding her baby...