Word: slump
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...TIME poll shows his stock rising after a winter slump...
There are now a few signs that people might be willing to lead the way out of the slump. Spending rose sharply at department stores and picked up in automobile showrooms in the spring as falling inflation stretched the buying power of the dollar. Retail business was up a strong 1.5% in May, after increasing .7% in April. Shoppers are spending, in particular on clothing and entertainment-oriented electronics products like video recorders and video games. Says Avery A. Haak, corporate economist for Dayton Hudson Corp. of Minneapolis, the seventh largest U.S. retailer: "I see some evidence that the consumer...
...conversation with Chirac, Reagan described the meeting of the allied leaders at Versailles as a "historic summit." Indeed, the problems faced by the industrialized West are momentous. From nation to nation, the non-Communist industrial world is mired in its worst economic slump since the 1930s, one marked by heavy unemployment almost everywhere and in most countries (though no longer in the U.S.) by rapid inflation as well. All parties agree that in the interdependent world economy, the major trading nations should keep their economic policies from clashing lest they delay recovery or even make the downturn worse. But preliminary...
...that the recovery is at hand," says Maryann Keller of the Paine Webber investment firm. Even after an upbeat May, auto sales for the year so far are 36% less than during the same months in 1978. The automakers continue to confront the problems that first triggered their prolonged slump: high interest rates, a weak economy and fierce competition from Japanese imports. Says Fran McCormack, general manager of Clayton Motors Dodge in East Hartford, Conn.: "There are obviously a lot of people who need to replace their cars who are still waiting for interest rates to come down. People live...
Getting out of the world economic slump is being made more difficult by the high interest rates, particularly in the U.S. Board members expect that the prime rate will fall from 16.5% to 14% by the end of the year. That, however, is not anywhere near the 12% or so that some leading businessmen say will be necessary to get consumers back buying cars, houses and other credit-sensitive items. Moreover, the economists predicted that once the recovery gains strength in 1983, interest rates could begin rising again. That would restrain growth and perhaps bring the recovery to a premature...