Word: annually
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Dates: during 1970-1979
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Inflation. "It's a catastrophe!" exclaimed Alfred Kahn, President Carter's chief inflation fighter, commenting on the latest U.S. figures. They showed prices leaping up 1.1% for May, or at an annual rate of 13.4% in the first five months of this year. The increase was led, unsurprisingly, by gasoline, which rocketed up at a 55% pace. The new OPEC boost may doom Administration efforts to wrestle the figure down below the double-digit range this year. Directly it will kick the prices of gasoline, heating oil, diesel fuel and the myriad products made from petrochemicals yet higher; indirectly...
...says Walter Heller, a member of TIME's Board of Economists. The Government has made no official announcement of this (a recession is customarily defined as two quarters of declining production), but it unofficially estimated last week that national output of goods and services dropped at an annual rate of 2.4% from April through June. OPEC's oil boosts make this downturn immeasurably harder to reverse; they will drain perhaps $30 billion out of Americans' pockets by the end of 1980. Unemployment has been holding steady at just under 6% so far this year, but is sure to rise?perhaps...
...obvious that this question would dominate the Tokyo summit long before the government chiefs gathered around a 27-ft.-long mahogany table in the gilt-and-rococo Akasaka Palace for their first formal session. The summit, fifth in an annual series devoted to economics, had been scheduled before the latest oil crisis broke, and Jimmy Carter took the occasion to combine it with a state visit to Japan. For three days, while diplomats maneuvered in the back rooms, the President patiently went through the ceremonial rituals of such a visit?reviewing troops under a broiling Tokyo sun; chatting amiably with...
Japan. After its longest postwar recession, the country is again moving ahead, with its growth running at an annual rate of 7.4% in the first quarter of this year, up from 6.8% in the final three months of 1978. At the same time, the growth of exports, a main source of irritation between Japan and its trading partners, has slowed. The official growth goal for the year is 6.3%, but, given the need to curb oil consumption, actual economic expansion could be limited to 5% or less...
Canada. The U.S.'s biggest trading partner is having its share of economic problems. Its new Conservative Prime Minister, Joe Clark, is committed to cutting inflation from its present annual rate of 11.7% to 5% and joblessness from 7.9% to 5.5% by 1985. Clark has vowed to use tax cuts and other incentives to boost Can ada's growth from its present level...