Word: jobless
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...demanded quick, concerted action. For the fifth successive month, leading economic indicators continued to dip. Mainly because of soaring oil prices, the U.S. trade deficit reached $3.07 billion last year, the second largest deficit in American history after the 1972 imbalance of $6.9 billion. Most economists anticipated that the jobless rate would continue its climb. The only bright news was a decline in interest rates. While the health of the auto industry remained the largest question mark in predicting recovery, the stock market nonetheless had its biggest rally since May 1973 (see ECONOMY & BUSINESS...
...enough in the coming months to average 8.1% for all of 1975; that would mean that nearly 7.5 million Americans will be looking for jobs this year. The budget also assumes that in 1976, when the President and his party will be deep into an election campaign, the average jobless rate will still...
...truck, toppling it into a much deeper recession than almost anyone had anticipated. Government economists estimate that the car slump accounted for fully half of the 9.1% decline in gross national product in the fourth quarter of 1974 and was the major factor in lifting the nation's jobless rate to more than 7%. Moreover, chances for even a moderate business recovery in the year ahead depend to an enormous degree on a resurgence of car sales...
...confused about what the energy crisis might do to gasoline prices and availability in the long term. At the same time, inflation has wiped out more than 5% of the public's purchasing power over the past year, while rising unemployment has also cut deeply into sales. The jobless rate stood at 7.1% in December, and it may turn out to be close to 8% for January, when the latest figures are released this week. Many automen complain that the Ford Administration stuck to an anti-inflation policy too long; they are pleased that the Administration has tilted policy...
...biggest annual drop since World War II. The battered auto industry disclosed that new car sales in December skidded 26% below a year ago; for 1974, they were down a punishing 23%. Unemployment has reached 7.1% and threatens to exceed 8% before the recession bottoms out ? the highest jobless rate since 1961. This week, for one week, the Ford Motor Co. will close 22 of its plants, idling 85,000 workers. In response to the worsening economic news, the Louis Harris Poll indicates that 86% of the public thinks the President is mishandling the economy...