Word: summer
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Dates: during 1970-1979
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...board agrees that the worst is yet to come: the recession will last 12 to 15 months rather than six to nine months, as previously forecast. The economy will shrink 3% during the decline rather than just 1% to 2%. Meanwhile, inflation will remain near 10%. Not until next summer will expansion resume, and even then it will be rather weak. Scarce and expensive energy will mean that growth throughout the 1980s will be sluggish. Says Democrat Walter Heller, who was President John Kennedy's chief economic adviser and now counsels brother Teddy: "The bad news bear...
Just now, that beast seems rather distant. In fact, the economy was somewhat stronger in August and September than it was in the early summer. With gasoline readily available again, buyers have returned to shopping centers and auto showrooms. Reflecting this consumer boomlet, the Commerce Department guesstimates that the economy may have actually grown at an annual rate of 1% in the third quarter. But in the fourth quarter, which begins this week, the brief spending splurge is expected to fade, and the pace of business will slow sharply...
...recession: the economy, after its slight rise, will plunge steeply during the coming winter and spring. Unemployment, which has hovered at about 5.7% for the past year, inched up to 6.0% in August, and a majority of TIME'S board predict that it will reach 8% by next summer, meaning some 8 million Americans will be out of work. That is severe, of course, but not as bad as during the 1974-75 recession, when the jobless rate...
...prospects for takeover or merger. In the real world auto market there will be associations, mergers and joint ventures by the hundreds. As for the rumor of a Chrysler-Volkswagen deal last summer, there was absolutely nothing to it. But if you ask me whether we are a prospect, the answer is yes. It would be a hell of an investment for someone. Sure, the balance sheet does not look good, but I am a great believer that if you buy a company, you buy its management and its future. And our management and our future products are Class...
...summer of 1907, Edward Wyllis Scripps, the eccentric Ohio newspaper entrepreneur, strung together a ragtag assortment of reporters, telegraph operators and rewrite men to form the United Press. Though the fledgling wire service had just $500 in working capital, Scripps gave it a difficult mission: take on the mighty Associated Press, a cooperative owned by its client newspapers and established more than half a century earlier. By late summer U P. had miraculously captured 369 U.S. papers as clients, and it looked as if Scripps' folly might soon overtake A.P. as the nation's premier wire service...