Word: slump
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...this and other reasons, the board concluded that 1981, which was seen only a few months ago as a period of at least slow recovery from 1980's slump, will be another year of recession. Board members differed on the timing and severity of a 1981 decline, but agreed that a contraction is now all but unavoidable. Yet they believed that the 1981 slump will not be as sharp as this year's, when the GNP in the second quarter declined at an annual rate of 9.6%. Republican Conservative Monetarist Beryl Sprinkel, chief economist for Chicago...
...often earn up to 50% of their annual profits during those four or five weeks. But with the 1980 Christmas shopping season almost half over, prospects are steadily dimming for the sort of year-end stampede that might help prevent the economy's slipping back into a slump early next year...
Detroit's auto executives have hoped for months that the arrival of new fuel-efficient small cars in dealers' showrooms this fall would end the industry's nearly two-year-long sales slump. So far, that has not happened. Sales of U.S.-made cars in November declined 8.3% from 1979's depressed levels, and they were down 17% for the month's final ten days...
...football match seems exaggerated or inappropriate, consider Pittsburgh for a moment. Primarily a blue-collar worker's town, most of the people who live here, from lawyers to contractors to mill workers to coal miners, are in some way involved in the steel industry. Consider also, that the recent slump in the steel market, aggravated in part by the recession and by competitive foreign steel markets such as Japan's and West Germany's, has forced many plants to close down, leaving many thousands of steel workers unemployed. The layoff of the steelworkers has serious repercussions for all levels...
With inflation hovering at 18% in January, February and March, as measured by the Consumer Price Index, the Federal Reserve began pressing down hard on the money supply, interest rates rose and business activity plunged. In April the dimensions of the slump, which wound up cutting overall economic output by 9.6% at an annual rate in the second quarter, alarmed even the Federal Reserve, which reversed itself and began feeding money and credit back into the economy. In the process, the cost of loan money dropped, the slide into recession halted, and by late summer business was showing tentative signs...