Word: falloff
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Dates: during 1970-1970
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Early Retirement. At many companies, people are the most readily cuttable expense. Boeing reduced its payroll $75 million last year by eliminating 14,400 jobs; this year it expects to drop 18,000 more employees. The company, which has been beset by aerospace cutbacks and fears a falloff in airline orders, dropped 5,040 workers in January alone. Last week the Labor Department reported that total U.S. unemployment had increased sharply from an annual rate of 3.5% in December to 3.9% in January, the highest level since October 1967. By historical standards, that is still low for a time...