Word: slumps
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Dates: during 1970-1979
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...buyers. So far, their only role in the Administration's war against inflation has been to lose, and lose disastrously. Hammered by both out-of-control costs and the tight-money policies that the Administration counts on to curb them, the housing industry has staggered into its deepest slump since the 1930s. That collapse has deep social as well as economic implications; it is crimping the vaunted mobility of U.S. life by forcing millions of families to stay put in their present quarters. The more spacious houses or apartments that they had hoped to move into either have been...
...moves now in prospect seem unlikely to do much more than keep the housing slump from getting still worse -if they accomplish even that. Fundamentally, the industry is caught in a terrible dilemma. It is peculiarly vulnerable to inflation; housing is the pressure point at which soaring costs of land, labor, materials and maintenance all converge. But housing is even more vulnerable to federal efforts to fight inflation by restricting the supply of credit, because both home builders and buyers rely so heavily on borrowed money. And a continuing squeeze on credit by the Federal Reserve Board-though a slightly...
...cause other layoffs over the winter as its effects begin to show up in fewer orders for stone and clay, lumber, wiring and electrical equipment, steel and furniture. General Electric, Pittsburgh Plate Glass and Carrier Corp. have already furloughed some 1,500 employees as a result of the housing slump...
Like mammoth prehistoric birds, Pan American World Airways and Trans World Airlines face a threat of extinction because of changing conditions, notably a fourfold rise in fuel prices and a deep slump in international air travel. Having failed in an attempt to wangle Government subsidies to keep them aloft, the two carriers last week unveiled the first move in their strategy for survival: a far-reaching, five-year swap of overseas routes that would drastically reduce head-on competition between the American giants and, they hope, allow them to fly planes somewhat more fully loaded (though each would still...
Land Cruisers. The four-man team takes over as GM struggles to recover from its worst slump since the 1958 recession. In this year's first half, unit sales slid 26%, and profits dived 74%. Last winter's gasoline shortage and the public's quick shift to smaller cars jolted GM more severely than other automakers. Traditionally committed to large luxury-studded land cruisers, the firm was forced to lay off more than 160,000 workers while retooling to produce small cars. At financial analysts' meetings this summer, top GM executives soberly predicted that sales...