Word: jobless
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...projections for the full year add up to a powerful advance in every sector: gross national product should rise about $115 billion, to $1,267 billion; real growth of 6¼% will top even the 6½% of 1972; inflation will be no higher than 3% or so; the jobless rate will fall from its present 5% to 4.5% by year's end. Wall Street does not seem to believe these predictions. Investors fear an upsurge of inflation, or a sharp tightening of money accompanied by rising interest rates, or both. Indeed, late last week four large Eastern banks...
...less-than-optimistic note in the council report: the CEA rejected the idea that the Government should set a target of driving the jobless rate down to 4%, which has long been accepted as "full employment." The CEA indicated that the Administration expects to push the rate next year below 4.5%, but refused to say how low it might go, and argued against setting any target at all. "Full employment," it said, should be defined as "a condition in which persons who want work and seek it realistically on reasonable terms can find employment"-and the Government simply does...
...Jobless. Though members of the Board represent sharply differing political and economic ideologies, their forecasts are surprisingly close (see box this page).* Averaged out, the members' predictions are that the G.N.P. in 1973 will rise $ 113 billion, to a total of $1,264 billion. The real gain will be 6.2%, about the same as last year's percentage rise-but exceeding it considerably in actual production because the gain will be made atop a larger base. The rate of price increases will speed up as rising demand presses the economy closer to capacity operation...
...jobless rate will stay uncomfortably high, but should decline to 4.9% for the year and dip to 4.7% in the fourth quarter. Productivity is expected to advance fairly rapidly, about 4% for the year. Corporate profits after taxes should bounce up about 14%, although profit margins-earnings as a percentage of sales-will be well below the highs of the mid-1960s. But the continued gains in earnings should finally persuade skeptical executives, who until now have lagged behind consumers in spending, that the upturn is finally at hand. TIME's economists expect that businessmen's fixed investments...
Repaid. Still, manpower training can hardly be written off as a total failure. Even outgoing Deputy Treasury Secretary Charls Walker, who once named the training programs as his "personal favorite" for elimination in a federal economy drive, figures that they have lowered the nation's jobless rate by one-half of 1%. Modest as that figure seems, it is really a striking achievement, because many of the trainees might otherwise have drifted onto the welfare rolls or into prison...