As the recession intensifies, fears grow that unemployment will top 9%
Like a pilot bailing out of a flaming aircraft and then waiting terror-stricken to see if his parachute will open, American businessmen and economists hung impatiently last week trying to see how deep the recession of 1980 would go. Just about everybody agrees by now that the nation is in a slump, yet no one knows whether plummeting interest rates, soaring unemployment and lethargic consumer spending foretell an economic decline that will be brief or prolonged, shallow or deep.
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