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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Dec 29, 1982
Page
1
The article reviews 1982 performance with 10 percent national unemployment and 20 percent local job loss, cites a 1070 Dow, and predicts 1983 gains in housing and auto sales, fall in interest rates, and modest GDP growth while warning of continued labor market strain and political turbulence.
Babson’s outlook for 1983 describes a slow, steady recovery with inflation tamed and interest rates easing. It cites a rebound in housing starts and autos, firmer industrial production, and modest GDP growth around 3 percent, while unemployment lingers near 10 to 11 percent early in the year.
Business leaders predict a sluggish national and Lorain County recovery with falling interest rates aiding housing and manufacturing. Ford's Lorain plant may return to full production for 1983, spurring local construction, while U S Steel faces a rebound in pipe orders as inventories dwindle. Unemployment remains a major worry.
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