Word: slumping
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Dates: during 1980-1989
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...slump has cooled inflation from its 13.5% pace of last year, but consumer prices in June were still rising at an uncomfortable 8.8% annual rate. Though economists have been predicting for months that interest rates would drop, the cost of money remains stubbornly high. Two-year Treasury notes were auctioned last week at a record price of 15.92%. The towering charges for borrowing money sent the Dow Jones stock average skidding to 924, its lowest point of the year...
...Detroit, already depressed by the auto industry slump, Arthur Jefferson, superintendent of the city schools, counts on receiving only $50 million of federal money next academic year, down from $65 million in 1980-81. Remedial reading and math programs will be among those to suffer most, he says. Cutbacks in federal programs not being lumped into block grants will hurt too, of course. St. Louis has a waiting list of 10,000 people eager to move into subsidized housing, but expects to get only 250 subsidized housing units next fiscal year...
Chicago's economy-like the nation's-is in a slump, and Byrne can do little to ease it. Moreover, she cannot get the state legislature to say yes to almost any desire, as her late mentor could, and there is a residual hostility from remnants of Daley's political machine. Most worrisome of all, Byrne has a ready, if unannounced, opponent in the 1983 election: Cook County State's Attorney Richard M. Daley, 39, son of the founder of the very political empire to which Jane Byrne has laid claim...
...tensions are also exacerbated by a slump in tourism, the state's premier industry ($2.6 billion in 1979). The number of tourists dropped last year for the first time since 1949, and the visitor count during the first quarter of 1981 was down 5% from the same period in 1980. Many native Hawaiians work in hotels, stores and other tourist-dependent businesses, and the fall-off has encouraged the state government to boost efforts to diversify the economy...
Ever since its founding, the film business has been afflicted by fluctuating fortunes. After the golden age of movies, which lasted up until the end of World War II, television pushed the industry into a 30-year slump. Paid attendance reached 4.1 billion in 1946, but fell precipitously until it bottomed out at 820 million in 1971. At the same time, the average price of a ticket was rising from...