Word: slowdowns
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Dates: during 1970-1970
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Nixon's house economists are gambling on an upturn by midsummer, and experts like Leif Olsen, senior vice president and economist of First National City Bank, see a lessening of inflation. No one has more riding on an inflationary slowdown than Nixon himself. As a political mathematician, he need only look at economics statistics to realize that few groups have been hit harder by the recession than the usually secure middle class of the West and Midwestern industrial centers that helped him to victory...
Events seemed to justify Heath's doomsaying. The four-day national newspaper strike in early June and a slowdown by doctors unsettled the la bor scene. More important, the trade figures for May, made public only three days before the election, showed a sharp dip of $74 million, shaking voters' confidence in Wilson's assurances about the economy's strength...
...President Nixon's first full month in office. It went down from 78.1 in this year's first quarter to 75.4 in the second. Because the findings have always led the changes in the economy by at least one quarter, the survey takers predict that the present slowdown will extend through the third quarter and probably until year's end. If so. the recession will have lasted twelve months, the longest stretch since...
...innkeepers into a building spree. Led by aggressive U.S. chains, hotel expansion is honing competition in dozens of countries, and the travel boom is transforming entire economies. The construction splurge is aimed not only at American travelers, who are booking foreign tours in rising numbers despite the domestic economic slowdown, but also at travel-hungry Asians and Europeans...
Nixon's policies have failed to defeat inflation so far, but have they brought on a recession? Economists argue incessantly about whether the current slowdown qualifies for that maddeningly imprecise term. If this slump is really a recession, however, it is not like any before it. The real output of goods and services has declined for two consecutive quarters?the classic if somewhat misleading measure of a recession. But factory output so far has fallen only 2.4% from its 1969 high, compared with declines ranging from 6% to 14.2% in the four recognized recessions since World War II. Corporate profits...