Word: baumohl
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...Reported by Bernard Baumohl and Jane Van Tassel/New York, William A. McWhirter/Detroit and Adam Zagorin/Washington
...have until September 6th to return the funds or face prosecution. "As cops on the beat, our goal is not to collect fines," Reich said. "Our goal is to get workers the money that's owed them as quickly as possible." Reich's pragmatic approach, said TIME's Bernard Baumohl, is most likely due to the prohibitive legal costs of pursuing errant employers. "Companies have now been given due warning and a grace period to replenish the 401(k)," said Baumohl. "If they don't, they are aware of the consequences -- that the government will go after them much more...
WASHINGTON: New federal statistics suggest that 1996 might see a recession. The Index of Leading Economic Indicators was down 0.3 percent in November, the third straight month of decline. "As a forecasting tool, the Index has had mixed success," says TIME's Bernard Baumohl. "It's never been proven to be totally reliable. But what is generally accepted is that three straight declines could indicate that a recession is coming some three to six months down the road." Early figures also reveal a lackluster Christmas season for retailers, who bore the brunt of record levels of consumer debt...
...Conference Board survey today reporting that American consumers were less optimistic about their financial outlook in December is fueling concerns that the economy may be heading toward a downturn. "This is a troubling sign," says economics reporter Bernard Baumohl. "Since spending by consumers makes up more than two-thirds of U.S. economic activity, any dip in the level of their confidence can depress the economy. Consumers are clearly stressed out by being overextended and the perception that job prospects and income growth are very poor. The Federal Reserve Board will probably have to lower interest rates sometime early next year...
...Reported by Bernard Baumohl, Stacy Perman and Jane Van Tassel/New York, Elaine Lafferty/Los Angeles and William A. McWhirter/Chicago