Word: offing
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Dates: during 1970-1970
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Most statistical indexes slumped. Falling in every month but two, industrial production sank 5.3%. Almost one-quarter of the nation's industrial capacity lay idle, creating a large gap between the actual and the potential growth of the economy, if its resources of manpower and plant had been fully...
Last week-much later than had been previously expected-the sheer momentum of the mighty but misfiring U.S. economic machine lifted the annual rate of G.N.P. over the $1 trillion-a-year mark. Despite the tarnish that inflation placed on that achievement, President Nixon appeared for ceremonies at the Commerce...
Spasm of Cost Cutting. When 1970 began, few corporate chiefs foresaw a slowdown as great as the one that occurred. They reacted with a spasm of cost cutting, which Federal Reserve Chairman Arthur Burns calls "more widespread and more intense" than at any time since World War II. Unprofitable products...
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Unemployment rose from 3.9% in January to 5.8% in November, the highest in seven years, and 4,600,000 people were out of work. Surprisingly, job lessness among blacks increased at a rate well below its historic pattern in business slumps. For many years, the black unemployment rate has been...