Word: jobless
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...economic future. Production is beginning to rebound. Officially, the unemployment rate fell from 9.2% in May to 8.6% in June. But that was a statistical fluke, reflecting the imprecision of the Government's methods in measuring the number of students entering the job market for the summer. Thus the jobless rate could well go up again in the months ahead. Most experts expect the rate to stay above 8% for at least another year and not dip below 7% until...
Economists generally agree that governments should shun utopianism and aim at reducing inflation and unemployment to bearable rates?to perhaps 5% for both in America. The U.S. should not repeat a mistake of some past years, when the Government continued to stimulate the economy even after the jobless rate had fallen to 4%, in the hope of getting it still lower; that policy fueled inflation. Completely "full" employment is impossible because some people lack skills that can be marketed, and still others take time off while shifting between jobs...
...otherwise "unemployable" people. The Labor Department also should set up the long-discussed computerized "job bank" that would list employment opportunities throughout the nation, and subsidize needy workers who want to move to take distant jobs. In Sweden, the government offers more than 300 courses to retrain the jobless, pays the expenses of an unemployed Swede who travels to look for work, and underwrites his moving bills once he finds a job. The cost is high: more than 5% of the Swedish budget. But the payoff is impressive: Swedish unemployment has consistently been well below that...
...easier terms on car installment payments, and a pledge to award more government contracts to small companies. Combined with a slightly easier monetary policy, the measures should be enough to help trigger a modest recovery during the second half of the year (production rates already are inching up, and jobless rates down). But they are hardly sufficient to bring back the halcyon era of double-digit G.N.P. growth that Japan enjoyed before it was rocked by twin economic shocks in the early 1970s. Dollar devaluations and yen revaluations raised prices of Japanese goods abroad and cut into export earnings; that...
Predictably, consumers are less enthusiastic in areas where unemployment has climbed well above the national average of 8.9%. In hard-pressed Maine, surveys by the Bangor Daily News and Brunswick Times-Record show that many rebates are being saved or used to pay off debts. In Buffalo, where the jobless rate has reached 14.5%, a large savings bank reports that 150 to 200 rebate checks are being deposited each day. Such activity does not necessarily hurt the economy. Checks that are saved and used to buy consumer goods later will help spread the economic stimulus over a longer period...