Word: digitals
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Dates: during 1970-1979
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...record books-literally. From the statisticians at the Labor Department came official confirmation that over the past six months the U.S. has experienced the steepest spiral of inflation it has had in nearly 30 years. Not since the Korean War price explosion of 1950-51 has double-digit inflation gripped the economy so relentlessly for a full half year. But no sooner had Jimmy Carter named his new economic team of Treasury Secretary G. William Miller and Federal Reserve Chairman Paul Volcker than the grim news was out: living costs had spurted up yet again in June, and at just...
...news put further pressure on the dollar, which in the past two weeks has slumped to eight-month lows against key foreign currencies, sent gold climbing to glittering new heights, and made a mockery of the Administration's repeated assertions that the double-digit run-up in living costs would slacken this summer and abate substantially by year...
...family budget, rose by only 0.2% for the month. Testifying before Congress's Joint Economic Committee last week, Alfred Kahn, the White House's chief inflation fighter, argued that if it were not for the energy situation, inflation "would clearly be out of the double-digit range...
...slump would be deeper and longer than the mild slowdown of six to nine months that the Administration has so far forecast. Miller's projections: unemployment rising from last month's 5.6% to 8.3% of the labor force next year, inflation continuing to roar at a double-digit pace in excess of 10% at least through...
Inflation, already at double-digit levels in the U.S. and climbing rapidly in many other industrial nations, will go still higher. Economic growth will slow to at best a crawl, and unemployment will grow, in the U.S. by perhaps as much as 1.4 million in the next twelve months. In short, for the second time in a decade, the threat of an OPEC-induced global slump is imminent...