Word: slumping
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Dates: during 1980-1989
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Canadians marked their country's 115th birthday last week with picnics, parades and a dazzling display of fireworks over Ottawa's Parliament Hill. But the celebration hardly reflected the times; Canada faces its worst economic slump since the 1930s. Unemployment stands at a post-Depression high of 10.2%, inflation is galloping along at 11.8%, and the prime rate is stuck at a crippling 18.25%. In an effort to check the growing sense of alarm, Finance Minister Allan MacEachen unveiled a new budget, his third in less than 18 months. But as Canadians studied his belt-tightening measures...
...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...