1.   When the Exposition closed Chicago was already in the grip of a serious economic downturn.

2.   Both the value orientation and the yield should protect it somewhat in the event of a serious downturn.

3.   A serious downturn in business could lead to layoffs, which would depress home and car sales, and could spread to other business sectors, economists say.

4.   But both characterized the slowdown as a soft landing after record results bolstered by the Olympics and the elections rather than a harbinger of a more serious downturn.

5.   But since then, the Nasdaq, in general, and tech stocks, in particular, have been in their most serious downturn since last summer.

6.   But while the pain could well increase next year, it will not lead to a crisis in the absence of a serious economic downturn.

7.   If you wait that long, he explains, you should be able to ride out any serious downturns.

8.   Japan, an important source of stability in Asia, is stuck in a serious economic downturn.

9.   Latin America has thus far avoided a serious downturn, although Brazil in the past year has slashed public spending and cut loose thousands of government workers.

10.   Low inventory levels make any serious manufacturing downturn unlikely, analysts said.