Word: slumping
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Dates: during 1980-1989
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...immediate difficulty is the business slump itself, and signs of the worsening economy continue to multiply. Already suffering through one of its worst years in decades, the auto industry last week received still more bad news. New figures showed that sales by the Big Three automakers during the first ten days of December were nearly 28% lower than year-earlier levels, which were already extraordinarily depressed. On an average day early this month, fewer than 14,000 cars were sold throughout the U.S., the slowest pace since 1959, when the U.S. population was 177 million, compared with more than...
...feeder industries like steel, machine tools, building supplies and, through them, into the national economy as a whole. Figures released last week by the Federal Reserve Board showed that industrial production dropped by 2.1% in November, the fourth monthly decline in a row. That was the largest one-month slump since May of 1980, and was a clear signal that worse difficulties are still to come. Meanwhile, the Fed also reported that the nation's factories operated at a mere 74.9% of capacity during the month, a decline of 2 percentage points from the October level...
...over pride last week, as the Lockheed Corp. announced that it was stopping production of its spectacularly unprofitable L-1011 TriStar wide-bodied jetliner. The California aerospace giant has lost $2.5 billion on the TriStar since 1968 and, with airlines currently mired in a three-year-long slump, it could see no relief in sight. Chairman Roy W. Anderson said that there was "no other choice but to begin now to phase the TriStar out in an orderly manner." The company will now concentrate mainly on defense production...
...business-page headlines last week were a relentless reminder of the gathering force of the current U.S. recession. With each passing day, the industrial landscape is increasingly marred by padlocked factory gates and smokeless smokestacks. Spreading from cotton mills in Georgia to lumber camps in Oregon, the slump has swiftly swelled the ranks of the jobless. The Labor Department announced last week that November's unemployment rate rose again, to 8.4%, the highest level in six years, up from 8% in October and 7% in July. This means that about 9 million Americans and their families are facing...
...slump is moving rapidly to industries as diverse as clothing and chemicals, furniture and food processing. Even high-technology firms, which once thought themselves to be immune from recession, are starting to feel squeezed. Two weeks ago, Nixdorf Computer of Waltham, Mass., let go 250 employees, or 11% of its work force. The division of Exxon that makes computerized typewriters and other office gear announced last week that it was dismissing a fifth of its employees and shutting down a factory in Orlando...