Word: slump
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...direct clout than the American president. She knows she has the public's tacit approval to hold the line. But unemployment's at 14 percent and rising, and the persistent work stoppages and management-labor animosity that the prime minister has done nothing to discourage are contributing to the slump. In such a situation. Thatcher can't afford to seek an unconditional surrender, only an evenly negotiated truce...
Rarely has the search for omens been as anxious as now, when business is still mired in a slump that has driven unemployment to the highest point in 41 years and bankruptcies to the worst level in half a century. And rarely, if ever, have the signs been so confusing. The forecasters who try to figure out the prospects for jobs, prices, production and incomes are in the position of a motorist approaching a schizoid traffic light that is flashing green, amber and red signals all at once...
...deep cuts in taxes and federal spending, tight control of the money supply and a general lessening of Government intervention in the economy will eventually lead to healthy, noninflationary economic growth. By last summer, the President had put most of his program through Congress, and just about then the slump started. But the policy has yet to achieve the promised payoff...
...grim news coincided with further signs that West Germany remains enmeshed in a persistent slump. Last week the government statistics office reported that 5,676 companies had failed during the first six months of 1982, the highest number in 34 years, and 50% more than during the same period last year. Unemployment, which was almost unknown in West Germany during the 1960s and early 1970s, rose in July to 1.75 million, or 7.2% of the labor force. The country's gross national product is expected to rise only 1% in 1982, after declining .3% last year...
...hosts surely needed the cheering up. America's 2.4 million farmers are struggling to survive the worst slump since the Depression, caught in a vise of rising costs and falling prices. Though they are expected to chalk up near record crops of wheat (73.8 million metric tons) and corn (208 million metric tons) this year, the silo-busting harvests will only push low prices even lower. Since 1975, as farm expenses have nearly doubled (from $75.9 billion to $141.5 billion), net farm income has fallen. Profits, which declined from $32.7 billion in 1979 to $22.9 billion last year...