Word: slumps
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Dates: during 1970-1979
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...seemed reminiscent of the "You Auto Buy Now" blitz of the late 1950s. The U.S. auto industry is in its worst sales slump since the recession of 1958. Pressured by a phalanx of woes ranging from high gasoline prices to plunging consumer confidence and virulent inflation that has driven car prices to record levels, sales for U.S. models in early November were running at a paltry annual pace of 5.4 million. That was sharply below the 7.5 million rate for October and nowhere near the record 11.5 million in sales last year...
...largest annual percentage erosion in any year since 1958. For 1975, the outlook is no brighter. Already, auto layoffs are mounting. They stood at nearly 200,000 last week and could soon reach a frightening 225,000 -about 16% of the industry's work force -if the slump is not reversed...
Though evident only for the two months since 1975 models were introduced, the drastic dropoff in the nation's bellwether manufacturing industry is al ready threatening the recession-plagued economy. The auto slump is stirring fears among economists that sales of such smaller-ticket items as appliances and television sets are in line for further declines as the ripples spread throughout the economy. But the first to feel the effects of a prolonged slump would be steel, rubber and glassmakers, whose products go into automobiles (see diagram...
Last week Pittsburgh's PPG Industries said it would cut production at several glass plants and lay off nearly 1,200 employees. General Electric, Allied Chemical and General Tire also have announced slump-related layoffs...
...President has argued that giving in to the strikers-the postal workers are demanding across-the-board wage increases of about $43 a month-would amount to capitulation in the struggle to control inflation. Millions of Frenchmen fear that allowing the strikes to continue could lead to a slump and inevitable layoffs...