Word: dropped
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Dates: during 1970-1979
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...right to exist, and in addition endorse the Palestinians' legitimate political rights. The Arabs, and the Administration as well, hope that such a formulation might at last allow the P.L.O. to at least tacitly recognize Israel as a bona fide state. This in turn would enable Washington to drop its longstanding boycott of the P.L.O. and open a direct dialogue with it. The Administration's first goal then, would be to bring Palestinians, perhaps even some P.L.O. officials, into the talks between the Israelis and the Egyptians on the future of the West Bank and Gaza. This would...
They now predict that unemployment will rise to 8.2% by the fall of 1980-just in time for the presidential elections. That is well above the 6.9% rate predicted by the White House last month. Real G.N.P. is expected to drop 1.4% this year. Because the recession will hang on through next spring instead of ending late in 1979 or very early in 1980, real growth next year will be no higher than 1.1%, instead of the 2% forecast earlier. Finally, inflation will continue to rage at 11% through the end of the year and average close to 9% next...
Says Otto Eckstein, a member of the TIME Board of Economists: "Most of the second-quarter drop can be traced to the disruption of auto and truck sales and the scarcity of gasoline that kept many shoppers out of the stores. Yet there is no reason to look for an especially deep recession in the year ahead." Less optimistic is Robert Nathan, another member of the TIME board. He foresees a slump that could last six quarters and a jobless rate that could hit close...
...main reason is the renewed weakness of the dollar. At the cartel's June meeting, which lifted average crude costs by 42%, to about $20 per bbl., even so-called moderate members warned that a 5% drop in the dollar's value could easily provoke another round of increases. In the past month the greenback has slumped by almost that much against strong foreign currencies, and several OPEC states are calling for an emergency meeting on prices as early as September in Vienna-well ahead of the next officially scheduled conference in December...
...same time, Bergland warned that under the 1977 farm law the federal support price will drop by 330, to $3.07 per bu., next year. That decrease will be more than offset by market forces. Because of the Soviet purchases, U.S. farmers stand to sell more grain than ever at prices somewhat higher than the present $4.22 per bu. for wheat and $2.77 for corn...