Word: steep
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TIME'S board proved uncharacteristically wary of predicting precisely just how steep or long-lasting the recession will eventually turn out to be. From the crisis in Poland to the future course of interest rates, the weeks and months ahead are a minefield of uncertainties. Any one of several factors could play havoc with even the most carefully devised economic forecast...
Nonetheless, the consensus outlook shows the economy continuing to decline into early next year, and then picking up at about midyear. Preliminary Government figures released last week showed business declining at a steep annual rate of 5.4% in the fourth quarter. TIME'S board predicted that the pace of the slump will slow to 2.2% during the first three months of 1982. Then, by the second quarter of the year, the plunge should have leveled off, with no more than about 0.2% of decline in G.N.P. In the second half of the year, the economy is expected to snap...
...trauma may grow much worse. The Commerce Department reported last week that its index of leading economic indicators, which predicts future business trends, fell a steep 1.8% in October. Most forecasters, including Murray Weidenbaum, President Reagan's chief economic adviser, believe that unemployment will rise to about 9% before it eases next year, when business picks up again. That would equal the postwar record high set during the severe 1973-75 recession...
...that homeownership even before marriage was the best way to beat inflation. As a single person, her $24,000-per-year salary put her in a relatively high tax bracket, and she lacked the tax benefits of owning a house. The trouble was that she could not meet the steep mortgage payments required for homes in the expensive Virginia suburbs. Her friend Suzanne Reed, 30, who works for the House Republican Research Committee, was in a similar bind. "It finally dawned on us," says Roberts, "that we just couldn't afford the kind of place we wanted alone...
Wiley--who normally excels on hilly courses--was running laboriously after the first steep incline, and then was passed by Beckford on an uphill just short of the two-mile mark. Beckford then went on to pass numerous other runners on the flat downhill stretches in what coach John Babington called "one of the most exceptional races of her season...