Word: slump
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Most economists, however, doubt that a new slump is likely any time soon. The economy does not now show the signs normally visible just before a recession. Business inventories are generally low, consumers are still spending, and corporations continue to invest. Experts think the economy is simply shifting from the torrid pace of this year's first half to a more sustainable growth rate. Says Walter Heller, chairman of the Council of Economic Advisers under Presidents Kennedy and Johnson: "This is a lull, but not a lull that has come to stay." Concurs Alan Greenspan, President Ford...
...Pacific region is not without problems. Several less-developed nations, including Indonesia, Malaysia, Thailand and the Philippines, have been hurt by a slump in the prices they receive for exports of raw materials such as sugar, copper, tin and oil. Observed Board Member Narongchai Akrasanee, a senior vice president of Thailand's Industrial Finance Corp.: "Commodity prices are really miserable." Even so, Indonesia, Malaysia and Thailand have managed to maintain respectable growth rates of 4% or more. The only serious trouble spot is the Philippines, where economic mismanagement by the regime of President Ferdinand Marcos and continuing political unrest...
Krause admitted that the deficit is worrisome, but noted that U.S. inflation is still low and that American businesses have not built up excessive inventories as they usually do before a serious production slump. Said he: "The factors that normally cause recessions in the U.S. are just not present...
...Kong hit an 8.5% growth rate this year. Chen expects that pace to dip slightly to 6.5% in 1985, largely because of a slowdown in shipments to the U.S. Investment in new industrial plants and machinery is up 17% this year, but that has been offset by a continuing slump in commercial and residential construction. In the late 1970s and early 1980s, construction firms went on a speculative spree, and many of the luxury apartment and office buildings they put up are still not fully occupied...
...slump in oil prices is causing a mixture of harm and good outside OPEC. Last week several U.S. oil firms reported stagnant or declining profits for the third quarter. Mobil's earnings fell 41%, to $238 million, compared with the same period last year. But low-cost fuel is producing some consumer bargains. Last week People Express Airlines, citing a decline in aviation-fuel prices, slashed fares by about one-third on five heavily traveled eastern routes...