1982 Economy & Business Events — Verified Historical Highlights
1982 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 01 Jan MTA Launches NYC Subway Overhaul: The Metropolitan Transportation Authority (MTA) initiates a comprehensive five-year capital program to modernize and improve the New York City subway system, addressing infrastructure and transportation needs.
- 08 Jan AT&T agrees to divestiture of local exchange service operating companies: On January 8, 1982, AT&T and the U.S. Department of Justice announced a settlement to resolve the antitrust lawsuit filed in 1974. Under this agreement, AT&T agreed to divest its 22 local exchange service operating companies, effectively ending its monopoly over local telephone services. This move aimed to foster competition in the telecommunications industry and allowed AT&T to enter new markets, such as the computer business. source: washingtonpost.com
- 17 Jan Record Unemployment in the United Kingdom: The United Kingdom experienced a post-war record increase in unemployment, with the total number of unemployed rising by 129,918 to reach 3,070,621 individuals. This economic indicator reflected the challenging economic conditions of the early 1980s.
- 26 Jan UK unemployment tops three million: On January 26, 1982, the United Kingdom's unemployment rate surpassed three million for the first time since the 1930s, marking a significant post-war peak. This equated to approximately 11.5% of the workforce being unemployed, highlighting the severe economic challenges of the time. source: news.bbc.co.uk
- 05 Feb Laker Airways collapses, owing £270 million: On February 5, 1982, Laker Airways, a pioneering budget airline, ceased operations, filing for receivership with debts totaling £270 million. The collapse stranded approximately 6,000 passengers, who were assisted by other airlines such as British Airways, Pan American Airways, Air Florida, and British Caledonian. The airline's founder, Sir Freddie Laker, later filed a $1.7 billion antitrust lawsuit against several major airlines, alleging a conspiracy to drive his company out of business through predatory pricing. source: news.bbc.co.uk
- 18 Feb Ford Motor Co. reports $1 billion loss for 1981: Ford Motor Co. announced an after-tax loss of just over $1 billion for 1981, marking a significant financial setback for the company. This loss was attributed to low unit volume and the ongoing automotive recession that began in mid-1979. Despite the deficit, Ford reported worldwide sales of $38.25 billion, a slight increase from the previous year. source: washingtonpost.com
- 19 Feb DeLorean Motor Company enters receivership: On February 19, 1982, the DeLorean Motor Company (DMC) was placed into receivership due to financial difficulties, including unsold inventory and mounting debts. The British government had invested heavily in the company, but production issues and low sales led to its downfall. The receivers aimed to restructure the business and preserve employment at the Dunmurry plant. source: nytimes.com
- 11 Mar US imposes embargo on Libyan oil: On March 11, 1982, the United States imposed an embargo on Libyan oil in response to the country's support for terrorism and its hostile actions in the region. This embargo was part of a broader strategy to isolate Libya economically and politically. The decision significantly impacted global oil markets and strained US-Libya relations. source: reuters.com
- 31 Mar U.S. Gold Commission recommends gold bullion coins: On March 31, 1982, the U.S. Gold Commission, established by President Ronald Reagan, released its report recommending the U.S. Treasury issue gold bullion coins. These coins were to be manufactured from existing gold reserves, without dollar denomination or legal tender status, and sold at a small markup over the market value of the gold content. The proposal aimed to provide a gold investment option to the public without returning to the gold standard. source: coinworld.com
- 20 Apr Timex announces first personal computer under $100: On April 20, 1982, Timex Computer Corporation announced the Timex Sinclair 1000, a compact, fully assembled personal computer priced at $99.95. This marked the first personal computer to break the $100 price barrier in the U.S. market, making computing more accessible to the general public. source: timexsinclair.com
- 03 May Analysis of NASA's Fiscal Year 1983 Budget Request for DOD Support: In April 1982, the U.S. Government Accountability Office (GAO) analyzed NASA's Fiscal Year 1983 budget request to determine the portion supporting Department of Defense (DOD) programs. The GAO found that less than 0.1% of NASA's budget was allocated for DOD support. This analysis was based on NASA's allocation data and the GAO's own assessment. source: gao.gov
- 12 May Braniff International Airways ceases operations after filing for bankruptcy: On May 12, 1982, Braniff International Airways, the nation's eighth-largest airline, ceased all operations after filing for bankruptcy protection. The airline's financial troubles were attributed to rapid expansion, soaring fuel costs, and intense fare wars, leading to a net loss of $377 million since 1979. The bankruptcy proceedings aimed to protect the company's assets from creditors while seeking reorganization. source: washingtonpost.com
- 13 May Braniff Airlines files for bankruptcy protection: On May 13, 1982, Braniff International Airways filed for Chapter 11 bankruptcy protection. The airline faced significant financial difficulties due to rising fuel costs and increased competition, leading to its eventual cessation of operations. This marked a significant event in the history of U.S. aviation, highlighting the challenges faced by airlines during that era. source: nytimes.com
- 25 May Kielder Water Opens: Kielder Water, a significant artificial lake in Northumberland, England, was officially opened, becoming the largest man-made lake in the United Kingdom.
- 14 Jun Death of Sir Arthur William Coles: Sir Arthur William Coles, an Australian businessman and philanthropist, passed away on June 14, 1982, in Melbourne, Victoria, Australia. He was a co-founder of Coles Variety Stores, which evolved into the Coles Group, one of Australia's largest supermarket chains. Coles also served as the Lord Mayor of Melbourne from 1938 to 1940 and was knighted in 1960. source: en.wikipedia.org
- 12 Jul Checker Motors Corporation ends automobile production: On July 12, 1982, Checker Motors Corporation ceased manufacturing its iconic taxicabs in Kalamazoo, Michigan. The decision was influenced by declining sales, outdated designs, and labor disputes. The final model produced was an A11 Taxi, painted in Chicago green and ivory livery. After this, the company shifted focus to subcontracting work for other automobile manufacturers. source: upi.com
- 22 Jul Olympic Commemorative Coin Program signed into law: On July 22, 1982, President Ronald Reagan signed the Olympic Commemorative Coin Act (Public Law 97-220) into law, authorizing the U.S. Mint to produce commemorative coins for the 1984 Los Angeles Summer Olympics. The program included a silver dollar and a $10 gold coin, each with multiple mint marks, to raise funds for the Olympic Games and support amateur athletics. source: congress.gov
- 12 Aug Mexico announces inability to service foreign debt, triggering debt crisis: On August 12, 1982, Mexico's Secretary of Finance informed the Federal Reserve Chairman, the Secretary of the Treasury, and the IMF Managing Director that Mexico would be unable to meet its August 16 obligation to service approximately $80 billion in mainly dollar-denominated debt obligations to U.S. and foreign banks. This announcement marked the beginning of the international debt crisis, as it was followed by similar developments in many other developing countries. source: govinfo.gov
- 18 Aug NYSE records first 100 million-share trading day on August 18, 1982: On August 18, 1982, the New York Stock Exchange (NYSE) achieved a significant milestone by recording its first 100 million-share trading day, with 132,681,120 shares exchanged. This event marked a new era in trading volume, reflecting increased investor activity and market optimism during that period. source: washingtonpost.com
- 01 Sep Mexico Nationalizes Banks: On September 1, 1982, Mexico's President José López Portillo announced the nationalization of the country's banking system, a move aimed at stabilizing the economy during a period of financial crisis. This decision led to the government taking control of all private banks in Mexico. source: britannica.com
- 15 Oct Garn-St. Germain Depository Institutions Act deregulates U.S. savings and loan industry: The Garn-St. Germain Depository Institutions Act, enacted on October 15, 1982, aimed to deregulate the savings and loan industry in the United States. This legislation allowed savings and loan associations to offer a wider range of financial products and services, which contributed to significant changes in the banking landscape. However, it also played a role in the savings and loan crisis of the late 1980s due to increased risk-taking by these institutions. source: congress.gov
- 20 Oct George J. Stigler awarded Nobel Prize in Economic Sciences: On October 20, 1982, George J. Stigler was awarded the Nobel Memorial Prize in Economic Sciences for his seminal studies of industrial structures, functioning of markets, and causes and effects of public regulation. His research significantly advanced the understanding of market processes and the impact of government regulation on industries. source: nobelprize.org
- 27 Oct Record-breaking gold coin auction: On October 27, 1982, a record-breaking auction of gold coins took place, attracting significant attention from collectors and investors. The auction set new records for the prices of rare coins. source: britannica.com
- 28 Oct NASA launches RCA-E communications satellite: On October 28, 1982, NASA successfully launched the RCA-E communications satellite aboard a Delta 3924 launch vehicle from Cape Canaveral, Florida. The satellite, also known as Satcom 5, was designed to provide advanced communication services, including voice, digital, and video transmissions, primarily serving Alaska and connecting it with the contiguous United States. This mission marked a significant advancement in satellite communication technology, being the first all-solid-state commercial communications satellite. source: ntrs.nasa.gov
- 01 Nov Honda begins U.S. auto production at Marysville, Ohio plant: On November 1, 1982, Honda became the first Japanese automaker to produce automobiles in the United States, starting with the Honda Accord at the Marysville Auto Plant in Ohio. This milestone marked a significant expansion of Honda's manufacturing operations in North America. source: global.honda
- 03 Nov Dow Jones Industrial Average reaches nine-year high: On November 3, 1982, the Dow Jones Industrial Average surged 43.41 points, or 4.25%, to close at 1,065.49, marking its first all-time high in more than nine years. This milestone was achieved after a 27-month low of 776.92 on August 12, 1982, reflecting a significant recovery in the stock market. source: upi.com
- 10 Nov IMF approves $3.8 billion loan to Mexico amid economic crisis: On November 10, 1982, Mexico secured a $3.8 billion loan from the International Monetary Fund (IMF) to address its severe economic crisis, characterized by a substantial budget deficit and looming debt repayments. In exchange, Mexico committed to significant austerity measures, including reducing its budget deficit from 16% of GDP in 1982 to 3.5% by 1985. This agreement aimed to stabilize Mexico's economy and prevent default on its $81 billion foreign debt. source: washingtonpost.com
- 12 Dec Chrysler Canada workers ratify new contract, ending 38-day strike: On December 12, 1982, approximately 9,600 Chrysler Canada workers ratified a new one-year contract, ending a 38-day strike. The agreement provided an immediate wage increase of $1.15 per hour. Workers returned to six Chrysler plants at midnight, with assembly lines resuming by 7 a.m. the following day. source: upi.com
- 26 Dec Toyota Camry Introduced: Toyota launched the Camry model, which would go on to become one of the best-selling car models in automotive history.
- 30 Dec New York City US Assay Office Closure: The United States Assay Office in New York City officially closed, marking the end of an important institution responsible for testing and certifying the quality of precious metals.
What happened in 1982?
Discover what the world looked like in 1982: