Word: jobless
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Dates: during 1990-1999
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...fastest route to default is unemployment, which is on the rise. The U.S. jobless rate has increased from 5.2% in June to 5.7% in October; in those five months the country has lost 336,000 jobs. One of the causes has been corporate debt, which has forced many companies to take drastic cost-cutting steps. While it may be beneficial for U.S. consumers to prepare for hard times by saving more and spending prudently, an overreaction would be dangerous, since consumer spending accounts for roughly two-thirds of the U.S. gross national product...
...reduction. Pentagon spending would fall a total of $67 billion during the first three years, not counting the cost of the Persian Gulf operation. Farm supports would shrink by $13 billion, civil service pensions by $8 billion, guaranteed student loans by $2 billion, assistance to veterans by $2.7 billion. Jobless workers would have to wait two weeks before receiving unemployment compensation...
...evidence of the worsening pain last week, reporting that the unemployment rate climbed to 5.7% in September, up from 5.6% in August, for the third increase in a row. Not since the 1981-82 recession had unemployment risen for three straight months. In several Midwestern and Southern states, the jobless rate has already topped 7%. Since July, the U.S. has lost nearly 500,000 jobs...
...fourth quarter, Meyer says, the GNP would decline a painful 3.6% during the period. If oil levels off at $32 per bbl. next year, he predicts that unemployment would climb to 7.4% by the end of 1991 and add some 2 million people to the jobless rolls...
...even tiresome, it is more acute than ever: Administration estimates for this year have grown from $100 billion to $161 billion, largely because the economy is growing less quickly than anticipated. Last week the Labor Department reported that civilian unemployment rose in June from 5.2% to 5.5%, the highest jobless level in almost two years. If, as many expect, the economy plunges into a full recession, the deficit could become even larger...