Word: turnaround
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Dates: during 1980-1989
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...ranks of "coastal" states timber- producing Washington and Oregon and steel-dependent Pennsylvania (which lacks a coastline but is considered part of the Mid-Atlantic region). Nor is all gloom in the heartland. Michigan, one of the most depressed states a few years ago, has achieved a remarkable turnaround, thanks to heavy spending by the auto companies to battle import competition and successful efforts to attract electronics and other high-tech industries...
...month level of $83.9 billion. June's trade imbalance was almost identical to the one posted in May. If the deficit keeps expanding at the current pace, it will total $168 billion by year's end, a 13% increase over 1985's record level. Plainly, the widely expected turnaround in the balance of trade is now overdue. Says Walter Heller, chief economic adviser to Presidents Kennedy and Johnson and one of many economists who had predicted that the trade deficit would surely be shrinking by now: "This is a staggering surprise. We have to admit we were off base...
...solve the trade-deficit problem." Allan Meltzer, a professor of political economy at Carnegie-Mellon University, is more sanguine. He comments, "I have no problem believing that the export surge is coming." Not surprisingly, neither Meltzer nor anyone else is willing to predict the precise timetable for a turnaround in the balance of trade...
...begin to stimulate investment by other businesses and increased spending by consumers. The fall in the value of the dollar, a 26% decline against major world currencies since early 1985, is expected to help reduce the trade deficit by making imports more expensive and American goods cheaper abroad. A turnaround in trade has been surprisingly slow in coming, but economists point out that changes in currency values usually affect trading patterns only after a long...
...recent years. "Stranger things have happened," says Chairman Leland Prussia. "If someone comes up with a good proposal, we would consider it seriously." Time could be running out for the bank's president and chief executive, Samuel | Armacost, who may be ousted if he fails to engineer a turnaround in the next year...