PIA - A History: Events of 1992
In many ways, the year 1992 seemed like a good one for the Greater Peoria Regional Airport, but dark clouds lingered. Frustration returned in subsequent years. It began with uncertainties. The national recession had ended in March 1991, but unemployment in the United States would not peak until June 1992*. The United Auto Workers Local 974 struck Caterpillar's Illinois plants in November 1991 after contract talks failed. Management and salaried workers continued some production until the strike ended in April 1992. Local unemployment then declined as both Caterpillar and suppliers began returning operations to pre-strike levels. As the economy improved, so did prospects for machinery sales. No doubt business travel began returning to pre-recession levels as well. Progress proved slow, however. * Local unemployment rose to 9.5% in June 1992 on a surge in job-seekers. THE GREAT AIR FARE WAR OF 1992 Recession and oil shock following Iraq's invasion of Kuwait brought the a...