Word: slump
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Dates: during 1980-1989
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What makes the virulence of the slump most remarkable is that it happened so fast. To be sure, the housing and auto industries turned down sharply last year. But only weeks ago there were still no conclusive signs that the weakness had spread to the rest of the economy. In the steel industry, for example, buying by nonauto customers kept sales and production fairly high until March. Says Donald Barnett, chief economist of the American Iron and Steel Institute: "Orders dropped 40% within a week...
...regional advertising centers, like Chicago and Los Angeles. Says Paul Haynie, senior vice president of Needham, Harper & Steers in Los Angeles: "Everybody's a little itchy." Potlatch, the San Francisco-based wood products giant, last month suspended its $1.5 million advertising campaign for this year because of the slump in home building...
...moment, however, Silicon Valley has more close-to-home problems, like attracting young computer geniuses who will pay California housing prices. The median price of a home in the Santa Clara Valley is now $97,500, and the chronic shortage of houses statewide has been worsened by the recent slump in construction and home loans. Laments California Builder Nathan Shapell: "New single-family homes will be for those selected...
Offensive power came largely from senior captain Charlie Santos-Buch and the keystone duo of freshman shortstop Brad Bauer and senior second baseman Bobby Kelley. And, of course, despite a late season slump, first baseman Mark Bingham finished a brilliant career, that concluded with the New Yorker the all-time Harvard and New England leader in both hits and runs batted...
...slump in gasoline consumption has meant a boom for public transportation. Intercity bus ridership was up 10% in the first quarter of the year, a sharp reversal for an industry that has gone mostly downhill since World War II. Amtrak's business from October through March was up 11% on longdistance train routes and 17% on shorter runs. Biggest gainers are trips out of Chicago, Los Angeles, Detroit and New York, which were traditionally the domain of auto travel. Riding on the rails between Los Angeles and San Diego is up a sharp 35%. For more and more drivers...