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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Dec 28, 1979
Page
11
A mid 1980 view predicts inflation slows but sticks above 10 percent, GNP rises to 2.505 trillion yet remains below 1979 after adjustments. Unemployment climbs to around 7.44 percent, mortgage rates ease to 10 percent, prime rate near 9 percent, and housing demand weak. Corporate profits slip, consumer debt declines, and oil prices plus currency strength loom large.
Babson's Reports foresees a 1980 recession lasting through midyear with a 2 percent fall in real GNP and a 1 percent dip in industrial production. Inflation remains stubborn, energy costs rise, and housing starts slide before gradual improvement in late 1980 amid easing interest rates and cautious consumer spending.
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