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...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...
...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 it will nudge up many other prices?apartment rents and foods, for example...
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...
...either case, the increase has menacing consequences for the oil-burning world. It will further fan the inflation that is raging at double-digit fury in the U.S., Britain, France and Italy. U.S. Treasury Secretary Michael Blumenthal estimates that petroleum increases alone have so far this year jacked up the inflation rate by 2.5% in the industrial countries. A further $5.45-a-bbl. boost is likely to siphon an additional $80 billion a year out of the major industrial nations, reducing their citizens' ability to buy food, clothes, houses?indeed, everything except oil. Result: further slowing of growth rates that...
Britain. Despite the efforts of Margaret Thatcher's new Conservative government to rein in double-digit inflation by trimming spending, the country's economic outlook remains bleak. Though Britain's North Sea oil supplies have eased its dependence on-OPEC, British exports are still not strong enough to pay for its imports...