Word: joblessness
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Dates: during 1970-1979
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...year since World War II. But department officials also explained that the December drop in unemployment is not as big as it looks. Reason: the Government recalculated unemployment figures for all of 1977, using new data to adjust for seasonal fluctuations. The department now estimates that the jobless rate hit a high of 7.6% last February-not 7.5%, as it believed at the time -and then declined gradually through the summer and fall. For example, the department reported the November rate to be 6.9%, but now thinks it was only...
Some outside economists doubt that the Government's calculations are right even now. Otto Eckstein, a member of TIME'S Board of Economists, questions whether the December jobless rate was really only 6.4% and believes it was "physically impossible" for 1.3 million new jobs to be created in November and December, which is what the Administration says happened. But even Eckstein concedes that unemployment is indeed coming down, and President Carter naturally hailed the news with delight. He cautioned, though, that the nation still needs the tax cut of $25 billion a year that he will propose...
...dismayed conservatives almost as often by pumping out money rapidly as he frightened liberals by keeping credit tight. The A.F.L.-C.l.O.'s George Meany called him "a national disaster" because of his "inhuman" insensitivity to unemployment. Actually, Burns has carried a lifelong feeling for the plight of the jobless. This is partly the result of his own experience as a pre-World War I Austrian immigrant to Bayonne, N.J., where at the age of ten he knocked on doors to help his father find work. He once proposed a national jobs program that would cast the Government...
According to the OECD, the biggest trouble spot is Europe, and it is easy to see why. While unemployment has been coming down gradually in the U.S., Europe's jobless rolls have been rising since early 1975, and the idle are now about 5.1% of the work force. Reason: economic growth has taken a nosedive. In Europe's four largest economies, those of West Germany, France, Britain and Italy, growth averaged only 2% last year, exactly half the figure for 1976. The slowdown reduced inflation, but not very much: prices rose an average of 10% for non-Communist...
...member countries, the organization predicts a composite growth rate of 3.5%, the same as 1977, and a jobless rate of 5.5%, up nearly one-half of 1% from 1977. Worst of all, it warns that the pattern of slow growth and high unemployment could become permanent for the world's industrial democracies, especially if governments throw up more protectionist barriers to trade in an attempt to save jobs...