Word: quarters
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Dates: during 1980-1980
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Such a shallow recession will have differing impacts on various areas of the economy. The downturn is not expected, for example, to affect employment seriously. The jobless rate is projected to climb from its present level of 7.5% to a peak of 8.2% in 1981's second quarter, before slipping back to 8% at year's end. The public, however, can expect little relief on prices next year. From a 1980 inflation rate of 13%, the board of economists projected that the increase in consumer prices will only slow to 11.4% at best...
...presidential election year, economic events were not determined by the White House or by Congress, but by the Federal Reserve. Indeed, in the opinion of many observers, "the Fed was the only game in town." When inflation roared to an annual rate of 18.2% in the first quarter and bond markets collapsed following Jimmy Carter's proposal of a fiscal 1981 budget with a $ 15.8 billion deficit, the Fed hit the brakes hard. It imposed credit controls on consumer borrowing and clamped down on bank lending. The prime rate, which began the year at 15.25%, quickly climbed...
...have more than a 120-day supply, twice the desired amount. As the auto industry last week prepared for its annual holiday shutdown, only three of Chrysler's six assembly plants were operating. The company, which had once vowed that it would earn a profit in the fourth quarter, will probably lose more than $200 million between October and December. That would push its losses for 1980 to an astonishing $1.7 billion, breaking the current record for the highest yearly loss in U.S. corporate history, set by Chrysler in 1979 with $1.1 billion...
Meanwhile, the British public is frightened. London Photographer Sally Greenhill expressed a common reaction to the broadcast: "I immediately tore up my organ donor card." In the four weeks after the telecast, the number of kidney transplants fell by a quarter, but is now beginning to increase again. British doctors hope the public will finally be reassured in February, when they state their case in a special 90-minute program...
This play may carry a jinx. Each the infrequent attempts to stage it in the U.S. in the past quarter-century has proved monumentally inert, and the present production at Broadway's Circle in the Square is no exception. Borkman is a wintry drama, a sort of autopsy blanched ruined lives...