Word: forecasts
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...Malagasy. The only permanent Tromelinians are sea turtles and terns and the larger frigate sea birds, whose droppings until 1956 were harvested as the island's principal resource, guano for fertilizer. A small, transient French colony operating meteorological instruments and a radio transmitter is stationed there to forecast weather conditions for larger islands as well as for commercial airliners passing overhead...
...unemployment, which last week reached a 45-year high of 5.8%, and inflation, which ballooned to 16.9% annually during Whitlam's prime ministership and still grinds on at the painful rate of 9%. Most economists expect increases in the cost of living to keep moderating somewhat, but they forecast still higher unemployment next year. Fraser evidently agreed with those general estimates; most political observers conclude that he called the election a year early to avoid having to go to the voters in somewhat worse shape then than...
...members of the TIME Board of Economists put it in more modern language, but that essentially is the forecast they are making for 1978. Despite all the doubts and uncertainties gripping consumers, businessmen and investors, the economists predict a year almost uncannily similar to 1977-a solid though unspectacular growth in production, incomes and profits, another strong rise in the number of people working, but no great reduction in unemployment. Inflation will speed up from its current pace, and that and other factors could set the stage for a downturn in 1979 or 1980. But for the next twelve months...
...Manhattan-based Conference Board only in being slightly more optimistic. But the members of the TIME Board of Economists have a special claim to attention: the predictions they made a year ago have been proved right, in one case to the last decimal point. Last December board members forecast that the real gross national product-that is, total production of goods and service discounted for inflation-would rise during 1977 by 4.8%; when all the numbers are added up, that forecast probably will be close to the bull's-eye. They also predicted that the unemployment rate...
...overall forecast is cheering, considering the fog of worry about the economy that has enveloped the nation in recent months. For all its progress in production, jobs, personal income (up around 11 %) and corporate profits (about 12% ahead of last year, after taxes), 1977 brought the economy a set of nagging headaches. Stock prices tumbled through the year; the Dow Jones industrial average is now about 19% below what it was at the close...