Word: upturning
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Okita believes that Japan nonetheless will double its growth rate, to 5%, by the end of 1983-but only with an upturn in the sluggish Western economies. Said Okita: "Japan cannot remain an island of prosperity in an ocean of recession...
...layoffs, and losses that at one point reached $5.2 billion, executives of the Big Three automakers (General Motors, Ford Motor Co. and Chrysler) have grown understandably wary of predicting almost any sort of recovery at all. Ford President Donald Petersen bluntly asserts: "There are no signs whatsoever of an upturn yet." Last week automakers reported a 13.4% sales rise during the mid-September period as compared with depressed 1981 levels. But analysts noted that the gain was something of an aberration, coming largely from temporary price promotions to customers...
...Cost cutting has been so furious that analysts expect even a modest recovery to produce larger profits. But improved sales will necessarily depend on the strength of the U.S. economy. Automen are universally convinced that they have seen the worst. What they cannot figure out now is when the upturn will come. -By Alexander L. Taylor III. Reported by Paul A. Witteman/Detroit
Schlevin attributed the act of vandalism, which he said was the first attack on Jewish property in Providence in years, to a combination of anti-Israeli feeling due to the Lebanon invasion and domestic economic problems. "This would all disappear if the economy took an upturn," he added...
There are no visible signs of an early upturn in labor's fortunes. The weak U.S. economy is likely to keep unions on the defensive. Last week the Government released figures showing that unemployment remained at 9.8% in August, the highest level since 1941. The number of jobless workers in the U.S. now stands at nearly 11 million. Laments William Winpisinger, president of the International Association of Machinists and Aerospace Workers: "You cannot organize workers who don't have jobs...