Word: upturn
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Dates: during 1990-1999
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That grim prospect will further dampen what is already shaping up as the weakest U.S. upturn since World War II. "Even if there were no recession, there would still be massive layoffs," says Hugh Johnson, chief economist for the New York securities firm First Albany. "People are going to lose their jobs, and they are not going to be rehired." Concurs Allen Sinai, chief economist for the Boston Co. Economic Advisers: "The name of the game is to hold down the nose count...
...year of good news; 1991 is a year of bad news; but 1992 will be a year of good news again," says Gunter Albrecht, chief economist of the German Association of Chambers of Commerce and Industry. "In the autumn we will see the start of an upturn, and things will improve day by day." He cites harbingers of recovery: small businesses in the service sector to generate consumption, a rise in construction and a growth in banking to finance...
...could have a tough time shrugging off the slump. Cuts in defense spending have hurt the crucial aerospace industry, prompting state economists to predict that unemployment in the Golden State may average 7.6% this year. For Californians like Peter Perkins, a Los Angeles recording engineer, the evidence of an upturn has been bittersweet. After a radio production company laid him off in January, Perkins took two part-time jobs to meet the payments on his boat and a condominium investment. Last week he landed a new full-time position, but at a salary 25% below his old one. "I feel...
...suspicious of real estate industry hope and hype, listen to Barbara Allen, housing-industry analyst for Kidder, Peabody: "It's more than a little upturn. It's quite powerful, and it is across the country. In Chicago orders in the resale market for the first two months of the year were up smartly. In St. Louis the place is absolutely booming." Realtors who were doing the crosswords a month ago now have waiting rooms full of eager clients...
Cambridge has experienced a sharp upturn in bank robberies during the past three months, with more heists occuring since January than in all of 1989, police officials said yesterday...