More Pain, Then Real Gains

If 1992 is opening with a dirge, it could end with a jig. As the year begins, many of the key economic indicators are pointing down. Employment plunged by 241,000 in November, wiping out all the gains of last summer and fall. Industrial output fell as well. And General Motors Corp. and IBM, to name just two, said they'll eliminate 90,000 more jobs, many of them in 1992. "We're back in the doldrums," says Charles A. Corry, chairman of USX Corp.

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