Word: slump
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...main threat to growth will be the daunting cost of borrowing money. Said Eckstein: "Interest rates are a big cloud over the economy. We won't have a normal recovery." Though the slump has dampened business demand for credit, the prime rate that banks levy on corporate customers still hovers around 16½%, more than double the interest charge that prevailed in 1977. The high rates are partly the work of the Federal Reserve, which is trying to restrain inflation by reining in the growth of the money supply. Fed Chairman Paul Volcker told Congress last week that...
...without electricity at one time or another due to guerrilla attacks. El Salvador's gross national product, which grew by 4.4% as recently as 1978, shrank by 19.5% last year. A decline in world prices for such exports as coffee, cotton and sugar is a factor in the slump, but the war has brought new investment to a halt and driven many businessmen to close their doors and flee the country. Today guerrilla groups in Usulutan department loiter openly along the nation's most important highway, occasionally burning buses and trucks, collecting "revolutionary taxes" from travelers and delivering...
...Administration, since a downward trend in rates is necessary to spur the business investment boom that Reaganomics needs. The latest interest rate increases have also renewed worries in Western European countries that their costs of borrowing will start climbing once again, forcing their economies still deeper into a slump...
...Vegas Hilton last week to address a standing-room-only crowd of 3,000 delegates to the National Association of Home Builders, the mood was distinctly chilly. In the past two years, sky-high and gyrating interest rates have pitched the American housing industry into its worst sales slump since 1946. Now a rising chorus of critics in the Administration and Congress has begun blaming Volcker for housing's plight and for the recession that is spreading through the economy...
...million in loans and grants, maverick Automaker John Zachary De Lorean confidently predicted that American customers in 1982 would buy 20,000 of the sporty stainless-steel autos manufactured by De Lorean Motor Co. (price tag: $25,000). De Lorean, however, had not reckoned on the continued disastrous slump in U.S. auto sales. Since last June, only half of the 7,000 De Loreans shipped to the U.S. from the company's manufacturing site in Belfast, Northern Ireland, have been sold. As a result, the company faces a severe cash squeeze...