That is tough because a fund manager might do well even when his chosen industry slumps.

Proponents say that costs are down because of the industry slump, while the long-term outlook is for rising prices.

That may not be much comfort for investors when the whole industry slumps, as it did last year.

The analysts have noted that in many of the earnings disappointments, specific company factors were at work, not a general industry slump.

The division is only now beginning to recover from management turmoil as well as an industry slump.

In the current industry slump, the article said, the label is cutting this budget in half.

The semiconductor industry's key indicator of business prospects jumped in February, a sign that the industry slump might be drawing to an end.

But Digital imposed a salary freeze in 1982 for three months during an industry slump.

The company emerged from the last industry slump only this year.

The layoffs were the most recent by a large agency as the industry slump continues.