Word: forecasters
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Dates: during 1970-1979
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...Louis, Chicago, Minneapolis and Washington, President Ford's budget and the grim economic message accompanying it were being released to Congress and the press. Ford's predictions of continuing high inflation, falling production and three years of at least 7% unemployment amply fulfilled Board members' December forecast of the worst slump since the 1940s. Not surprisingly, the Administration's economy and energy policies stirred a sharp and critical response from conservative as well as liberal Board members (see ECONOMY & BUSINESS...
...again emphasized his view that the buildup of petrodollars in the oil-producing nations was not going to be as massive as had been predict ed. Their foreign reserves, said Simon, might reach only $200 billion to $250 billion in 1980, rather than much higher figures that some had forecast. Reacting to higher prices, other countries were buying less oil from the oil states, which in turn were buying more goods and services than had been anticipated. Thus there was no foreseeable danger of world monetary collapse. "The international financial aspects of the oil situation are manageable," concluded Simon...
...this week (or maybe next week, or perhaps the week after): On the first weakened day, or Washington's birthday, with what is called "appropriate weather conditions, the institute of Contemporary Art will sponsor a Snow Sculpture Competition on the Esplanade. I'm writing this on Tuesday, snow is forecast for Wednesday, but the way this winter's been going, I have little faith in WE6-1212. So, if it ever does snow, there'll be prizes, and it's open to all ages...
...Unemployment will continue to rise but at a slower rate. One White House adviser estimates that with the Ford program, the unemployment rate by year's end would be half a point below what it would otherwise be. Economist Otto Eckstein, head of Data Resources, Inc., makes a similar forecast. He reckons that the unemployment rate next December would be a still shocking 8.1%, rather than an even worse 8.5% (it was 7.1% last month...
During the economic summits last fall, we had a whole range of economists-not one of them forecast, as I recall, the precipitous drop in auto sales and the increase in unemployment...