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Like other downturns, it certainly acted as a purge, but ended up almost killing the patient.The only downturn in a big country during this century to match America's in the 1920s and 1930s has taken place in Japan.
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The only other downturn since the Depression to see similarly large wage cuts was the 1981-82 recession.
The only other downturn in which as many as 5percentt of jobs disappeared was in 1949; that too was a special case.
Support and sponsorship have held up — Dawson points to recent four-year renewals by Leinster's lead sponsors, Bank of Ireland and Canterbury, the New Zealand-based sportswear company, and says, "The only real downturn has been in corporate hospitality".
BNP Paribas shares dropped 69 eurocents (94 cents), or 0.9%, to 77.71 euros ($106.24) on Friday in Paris, the worst-performing stock in the CAC 40 index despite its only slight downturn.
Only severe downturns, like the second one in the early 80's, have produced rebounds as robust as those of earlier decades.
The economy did go into recession that time, but the downturn lasted only eight months and was relatively mild, in part because the Fed cut interest rates repeatedly and the war ended quickly.
But Mr. Selvaggio said that the industry downturn only justified Delta's decision to start a low-cost operation.
If 2015-16 brought a serious oil downturn but only limited damage to the local economy, has Houston been weaned from oil and its business cycle tamed?
But it has made it all the way through to the current downturn, only to be shelved.
The downturn only increases the pressure.
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