Word: upturning
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North Korean Prime Minister Yon Hyong Muk sounded anything but upbeat as he described the mood of "gloom" after 15 months of fruitless discussions between Pyongyang and Seoul. But at the fifth round of talks last week, Yon's spirits took a sudden upturn when his South Korean host and counterpart, Chung Won Shik, dropped an unexpected secret: removal of the last American nuclear weapon on Korean soil was complete. That announcement, long sought by Pyongyang, broke the negotiating logjam. Twenty hours later, following an all- night session, the two sides announced agreement on a nonaggression accord that in effect...
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...
...betting that a faltering economy will provide them with a long-sought issue for the 1992 campaign. Declares Massachusetts' Edward Kennedy, chairman of the Senate Labor and Human Resources Committee: "Even economists who see the beginning of a recovery acknowledge that it is likely to be weak. And an upturn will not put an end to the basic problems affecting the changing work force." Concurs Harvard's Reich, who has been one of the Democrats' chief economic gurus: "Efforts to improve productivity by using a slash-and-burn policy with employees could backfire. The remaining workers can be resentful...
...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...