Word: slumping
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Dates: during 1980-1989
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Though signs are beginning to mount that the 18-month-old slump is at last starting to draw to a close, no sector of the economy can yet be sure of a sustained recovery; in the case of steel, the outlook is bleakest of all. More than almost any other part of Smokestack America, steelmaking finds itself struggling to survive not just the current downturn but a whole host of other, longer-lasting problems. These range from the lofty, uncompetitive wages of the unionized employees, to the antiquated state of many of the mills and fabricating plants, to the relentless...
...stock on the N.Y.S.E. was Coleco Industries, the videogame manufacturer, even though it ended the year 28% below its 1982 high. Coleco, the creator of Donkey Kong, absorbed a swift kick in December after Warner Communications, owner of Atari, projected a fourth-quarter slump in earnings caused by disappointing videogame sales. Coleco suffered in the ensuing market selloff, but then it bounced back. Having started the year 6⅞, the Stock wound up at 36¾. By last Friday, it had risen another 5%, thanks to Coleco's announcement that 1982 earnings could be quintuple those...
...Real estate prices failed to keep pace with the Consumer Price Index, which was only 4.6% higher in November than a year earlier. The median price of a single-family house went up less than 4%, from $65,900 to $68,200. An acre of Iowa farmland, reflecting the slump in agriculture, dropped from $2,147 to $1,801. Explained Robert Jolly, an Iowa State University assistant professor of economics: "The major buyers out there are other farmers." And many of them had trouble holding on to their own farms last year...
...critique of the Reagan Administration's nuclear arms strategy, their colleagues in Canada have stirred up a nationwide controversy on economics. Businessmen are howling, labor leaders cheering and politicians buzzing over a statement issued last week by the bishops' commission for social affairs charging that the economic slump is producing "a deepening moral crisis." Canada's government should reverse field, the paper says, targeting unemployment rather than inflation as the major economic problem to be solved...
...competitor, the News (circ. 643,000), lost twice that much in 1982, even though it has a solid 60%-to-40% lead in advertising linage, largely because the News offers discounted ad and circulation rates. News executives decline to comment. Losses have accelerated during the recession and the deep slump in the auto industry, which have subjected Michigan to an unemployment rate of 17.6%, the nation's highest...