Word: jobless
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...economists because the stockpiles have the unavoidable effect of creating a vicious circle of economic decline. As unsold goods build up, businessmen are forced to pare back production and lay off workers, and this in turn drives up unemployment, which currently stands at 8.4% of the labor force. As jobless lines lengthen, consumer spending shrinks, and this in turn causes inventories of unsold goods to grow even more. Said Alan Greenspan of the Townsend-Greenspan economic consulting firm: "Involuntary inventory accumulation by business will be an absolutely critical piece of evidence in gauging the severity of the recession...
...relentless reminder of the gathering force of the current U.S. recession. With each passing day, the industrial landscape is increasingly marred by padlocked factory gates and smokeless smokestacks. Spreading from cotton mills in Georgia to lumber camps in Oregon, the slump has swiftly swelled the ranks of the jobless. The Labor Department announced last week that November's unemployment rate rose again, to 8.4%, the highest level in six years, up from 8% in October and 7% in July. This means that about 9 million Americans and their families are facing the Christmas holidays without paychecks. Says Steve Kelly...
...perhaps 300 people will have been fed at St. Peter's, four times the number who were served when the kitchen opened in 1976. A thousand more will drift into other kitchens across Detroit. They are among the most visible, and the most humbled, of the jobless in a state where one in every eight workers is unemployed...
...racial discrimination have not yet been eliminated. They poison minds and attitudes. They are, and so long as they remain, will continue to be, a potent factor of unrest." Another incendiary element is Britain's continuing recession. More than half the blacks under age 19 in Brixton are jobless. To ignore such economic realities, writes Scarman, "is to put the nation in peril...
...stunning one-month jump in the unemployment rate, from 7.5% to 8% in October. The Administration and many private forecasters are expecting a further increase to 8.5% or 9%. The latter figure would equal the rate at the end of the 1973-75 recession; that was the worst jobless rate since...