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...Volcker. It was he who fought unflinchingly to bring down the U.S. consumer price spiral, but in the process he helped drive interest rates and unemployment up throughout the industrialized societies. In the U.S., his policies surprised skeptics by limiting the rise in the nation's consumer price index to roughly 5% in 1982, but his policies also helped push unemployment stunningly into double digits. By year's end joblessness was closing in on 11% of the nation's labor force, or 12 million individuals, a level that would have seemed almost unthinkable last January...
...future benefit increases, which now are paid in July of every year, by three to six months; 3) tying those increases to the average rise in wages throughout the economy. At the present time, benefits are raised to equal any increase of 3% or more in the consumer price index. Since inflation has pushed benefits up much faster than wages, tax collections, which are keyed to wages, have been unable to cover the bill...
Monthly rises in the Consumer Price Index flattened out and, though interest rates broke sharply at about midyear and kept falling, the contracting economy proved staggeringly painful for businesses and individuals alike. At 10.8% of the labor force, unemployment reached the highest level since 1941, and business failures surged to more than 24,000, higher than in any year since 1932. Nowhere in the country was the misery of economic downturn more acute than in the factory towns of the nation's industrial heartland. As consumers lost confidence in promises of economic recovery, household spending stalled out, shaking...
House prices, which rose by an average of 17% annually throughout the 1970s, are also getting more affordable. Prices have been more or less flat since the spring of 1981 and have declined rather strikingly when inflation is taken into account. For example, since 1980 the Consumer Price Index has risen by nearly 28%, while the median price of new homes has grown by only 13%, to $70,700. (Note to nostalgia buffs: ten years ago the median home price was $27,600.) Last week, however, the Government provided evidence that housing costs may be heading up again. The Labor...
Commerce Department officials said Tuesday the Index of Leading indicators a measure of future economic activity rose 0.2 percent in October The department said it made a mistake earlier in the day when it reported the increase was 0.6 percent...