Word: slump
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Dates: during 1980-1989
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...bringing down inflation and interest rates. But whether the gains will be permanent or only temporary is subject to sharp dispute. In any case, they are coming at a price much higher than the Administration had expected the nation to pay. "None of us has predicted" an outright slump, Reagan confessed at his press conference last week. Now, however, Secretary of the Treasury Donald Regan says the current quarter "may be a real downer." Moreover, while some Administration forecasters had earlier predicted a recovery beginning shortly after New Year...
...current slump began in housing and autos, two sectors of the economy peculiarly sensitive to high interest rates. Those two industries are still in the doldrums. In Detroit, Depression-style soup kitchens have reappeared in recent weeks...
...slump, however, is spreading far beyond autos and housing. Retailers suffered a sharp 1.5% drop in sales last month; many are anticipating lackluster business in their all-important Christmas season. The electronics firms of northern California's "Silicon Valley," which make microchip components for computers, have for years been riding a heady boom, but now their profits are plummeting. Employment and spending by state and local governments kept a sturdy prop under the national economy during many previous recessions, but now they too are falling, in part because Reagan's budget cuts have reduced the flow of federal...
Then came the Springfield game and the beginning of a four game losing streak which would have to be called the low point of the season. Scoring may have been difficult for the team before the slump-but it became a near impossibility as the stick-women converted only once in their next three games...
Detroit complains that the sales slump has been caused primarily by staggering interest rates. Three years ago, it seldom cost more than 1 11% to finance a new car. Today carrying charges run to 18% lacocca told Reagan Administration officials three weeks ago that the industry would continue to be depressed until interest rates dropped to around 15%. Says Harvey Heinbach, a Merrill Lynch auto analyst: "The consumer doesn't want to commit himself to four years of those high car payments when he is uncertain of the outlook for business, for inflation...