Word: slumping
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Dates: during 1980-1989
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Unemployment in America is taking on new and startling dimensions. No longer are the bulk of layoffs confined to just autos and housing, which have been in a three-year slump. Unemployment has spread to textiles, pulp and paper, steel, oil drilling and refining, mining and chemicals. Along with union members and the semiskilled, white-collar workers are losing their jobs. Edward Lieberman, 28, was shocked when he could not find work after being laid off from his $20,000-a-year job as a computer-software salesman in Los Angeles. Said he: "I've discovered that I need...
...auto slump has devastated the steel industry, which relies heavily on shipments to Detroit. National Steel lost $40 million last quarter, and Republic dropped $67 million. At U.S. Steel profits were down 71%, to $80 million. The firm would have had almost no profit without the earnings of Marathon Oil, which U S Steel acquired in January. Company Chairman David Roderick said last week that steel shipments had reached their lowest level in 40 years...
...most closely watched signs of business activity is the level of company inventories. As sales slump during a recession and stockpiles of unsold goods swell, businessmen begin dumping their inventories and cutting back on orders from suppliers. In the process, layoffs surge throughout industry, and inventories grow skimpy. Then, when sales-hungry businessmen detect the first signs of an improving economy, they begin to rehire workers and restock warehouses. The level of inventories, thus, is usually a telltale signal of a recession or recovery...
...retailer, in an attempt to ease its dependence on the highly cyclical housing industry. Wickes executives were enthusiastic at the time, even though the deal doubled the company's debt load to nearly $2 billion. After both the housing and the retailing businesses unexpectedly went into a simultaneous slump last year, Wickes ran up huge losses that could exceed $80 million. Chairman E.L. McNeely last month resigned under pressure from the company's lenders. A new boss, Sanford Sigoloff, who specializes in reviving ailing firms, was brought in to sell off assets and pay back some...
Despite the current building slump, many church architects are very busy. Judith A. Miller, administrative assistant of the Interfaith Forum on Religion, Art and Architecture, a professional association of theologians and designers of religious institutions, points out, "They are designing small buildings on small budgets. Church and synagogue design is no longer a matter of architectural theatrics, but of economy and liturgy...