Word: jobless
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...some extent, the new protectionism reflects the revival of isolationist sentiment; modern protectionists like to portray themselves as champions of a hard-nosed economic nationalism pitted against a fuzzy-minded one-worldism. More specifically, the falling profits and rising jobless rates of the 1970 recession fanned businessmen's and workers' fears of lower-wage foreign competition. There has also been a panicky loss of faith in the ability of American industry to compete in the world, a feeling supported by figures that show a drastic worsening of the American trade position...
Even without such aid from the enemy, Nixon's political-economic prospects are substantially improving. Many economists, including Democrats, predict that national production will jump by a historically high $100 billion or so next year and that the jobless rate will drop about a point, to 5%. Whether these forecasts come true will depend largely on Nixon's success in inspiring confidence within the nation?confidence that his wage-price restraints are fair and that they will work, so that consumers' dollars will no longer be ruthlessly chewed up by inflation...
...That policy will aim at two goals: breaking permanently the wage-price spiral, and stimulating business enough to bring the jobless rate down from 6.1% toward 4%, which most economists define as practical "full employment." By itself, the freeze will come nowhere near achieving either objective. If it is succeeded by a weak, waffling Phase II, warns Arthur Okun, a member of TIME'S Board of Economists, the nation will be "no better off on the inflation front than if nothing had been done-perhaps worse off because of disappointed expectations...
...peskiest poker of Administration balloons has been Harold Goldstein, the Bureau of Labor Statistics' assistant commissioner in charge of analyzing the most politically potent figure of all, the jobless rate. Last January he rightly called the .2% drop in unemployment "marginally significant." Labor Secretary James Hodgson, however, publicly declared that the drop had "great significance.'' In March, when Hodgson termed a slight decrease in unemployment "heartening," Goldstein called it "a mixed picture." Apprised of Hodgson's view, Goldstein replied: "I am not here to support or not support the Secretary's statement. I am here...
LABOR Better Jobs for Blacks Of all the indicators of racial inequality, none cause more concern than the proportionate share of unemployment between blacks and whites. Ever since 1953, there have been at least two blacks out of work for every jobless white. To compound the problem, blacks have usually been the last hired and the first fired, particularly during a recession. Last week the Bureau of Labor Statistics reported that the old formula is changing slightly. While the number of unemployed Americans rose last year by 1,200,000, to a total of 4,000,000, the racial ratios...