Word: downturn
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Dates: during 1940-1949
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Businessmen were not too worried. FORTUNE'S semi-annual poll of 28,200 top executives found some 60% expecting the boom to continue at the present level or even higher in 1948. Only 37% expect a moderate downturn (last May 74% expected a slump by year's end). Some 90% expect to keep their present payrolls or boost them. Almost none expects to lower prices in the next six months...
Buoyed by such news, most businessmen began to find new and softer meanings for the term recession. After the downturn this spring, many an economist had feared a fairly sharp drop. Yet even in industries where there had been a sudden slump, notably textiles, the readjustment had been made with no more than a tooth-shaking jar. Now there was hope that other adjustments could be made in a gradual, orderly fashion. So when businessmen talked of recession, most of them no longer meant a big, sudden crack un the whole economy, but a continuation, industry by industry...
...Army has almost enough Flying Fortress and Liberator bombers to finish off Germany, will go into the stepped-up war against Japan with a new line of both bombers and fighters (see U.S. AT WAR). If the cutback goes through as planned, it will be the first actual downturn in the plane program since the war began...