Word: steepest
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GERMANY, Western Europe's most influential economy, seems to be caught in a web of indecision. Despite some signs of recovery in recent months, the nation this year will suffer its steepest decline in output, about 3%, since the founding of the Federal Republic after World War II. The forecast for next year calls for real growth in G.N.P. of about 4%. But the upturn is beginning from such a low base-German industry today is operating at only 75% of capacity -that even with that relatively healthy advance the economy will be operating well below optimum levels...
...news was equally glum on business and consumer spending. The Conference Board, a research group, reported that big manufacturers in the first quarter reduced appropriations for capital spending 9.4% below the fourth quarter of 1974, which was down 26% from the previous three months. That marked the steepest six-month slide in 17 years. For all this year, the Commerce Department announced, businessmen expect to spend $114 billion for new plant and equipment, a puny 1.6% more than in 1974. Such spending rose 13% in both...
Earlier, the Commerce Department disclosed that its index of leading indicators, which is designed to project future economic trends, fell 1.5% in November and 7.3% since July-the steepest five-month drop in a quarter-century. Boding ill for consumer confidence in the months ahead, a new survey by Pollster Louis Harris reported that 80% of the American people now believe the U.S. is in a recession, and 60% see it continuing through the rest of the year. To combat the worsening economic problem, President Ford at week's end signed legislation appropriating $4.5 billion for unemployment...
...less emphasis on inflation fighting and much more on combatting the recession, the White House got some support when the Labor Department reported another big jump (almost 1%) in consumer prices last month. The increase brought the year-to-year rise in the cost of living to 12.1%, the steepest climb since 1947. Over the year, inflation has cut real incomes of wage earners by 5.6%. The price push, said White House Press Secretary Ron Nessen, was ample justification for the President's determination to dig in against anything like a "180-degree turn" in policy...
...steepest falls from power in congressional history. Mills, the overlord of federal revenue legislation, whose Ways and Means Committee has responsibility for drafting major tax, trade and Social Security bills, has long savored his reputation as the most powerful man in Congress. The spectacle of one of the House's most revered elder statesmen cavorting onstage with a stripper sent shock waves through Congress, most especially members of Mills' own party. In sorrow, House Speaker Carl Albert announced that Mills would not be Ways and Means chairman when the 94th Congress convened in January. A confused and ailing...