Word: high
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Dates: during 1970-1979
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PRICES. Inflation will abate, but not soon enough or substantially enough to cheer about. Recessions are usually slow to take the steam out of prices, and a tight money policy requires months to produce results. In fact, high interest rates will continue to add to inflation until they start to curb overall demand, and then prices are expected to taper off. Despite rising unemployment, wages and benefits stand to accelerate. They increased about 8% this year, or much less than the rate of inflation, and workers can make a strong case for more, just to catch...
...down. Unemployment, which dropped slightly last month to 5.8%, is expected to rise to 7.7% by the final quarter of 1980. That will be not nearly as severe as the recent peak of 9% in May 1975. Most board members agree that unemployment will hit a high around Election Day in November, which will hurt Jimmy Carter, and that the jobless rate again will start declining as the economy picks up at year's end. However, one member, Consultant David Grove, who has long been pessimistic about the job situation, predicts that the worst will come in the second...
...economy showed a remarkable resiliency and a resistance to deep recession. People learned to cope. They reduced their spending for gas-thirsty big cars and such little luxuries as hardcover books, records and tennis equipment. But they kept right on spending for other goods, particularly the high-quality and the durable, in part because they figured that almost everything would cost more tomorrow and they had better buy products that would last...
While they rose, older cities that depend on basic industries declined. As sales of U.S.-made autos tumbled 16.7% in the last six months, largely because of infuriating gasoline lines and inflating gasoline prices, recession and high unemployment struck Detroit, Flint and other carmaking capitals. Also hurt were the industry's supplier cities: rubbermaking Akron, glassmaking Toledo, steelmaking Youngstown. Layoffs in the auto industry mounted to 116,000 workers (out of a total 765,400), and in steel to 45,000 (out of 466,859). Unemployment also ran higher than the national average in the metropolitan areas that live...
...surface, Choi continued to receive the support of the officialdom, including the military, and high marks from most observers. His Cabinet, sworn in before his own inauguration, seemed to be both neutral and competent. Selected as Prime Minister was Shin Hyon Hwack, a technocrat and former economic planning chief. The new Defense Minister was General Choo Young Bok, known as "Tiger Choo" to American officers in Seoul, and, curiously, the first South Korean Defense Minister with a knowledge of English good enough for direct communication with U.S. commanders. According to President Choi's earlier promise, the newly installed Cabinet...