Word: joblessness
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Dates: during 1980-1989
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...rose to nearly $1.5 billion. The cost of the cleanup is staggering. Mud dumped into the Cowlitz and Columbia rivers must be dredged out. Roads and bridges will have to be rebuilt and sewage and drain systems unplugged. In Washington State alone, 370,000 people have been left temporarily jobless. Perhaps one-tenth may be out of work for a year. A still incalculable long-term effect may be a rash of respiratory and lung ailments from continued inhalation...
What particularly troubled some corporate executives was the sharp .8% increase in unemployment that occurred in April alone, sending the overall rate to 7%. Mindful that the jobless rate jumped from 4.8% to 9% in the 1973-75 recession, a few warned last week that the Administration's stringent anti-inflation policies could quickly push joblessness from its current 7% level to a chilling 12% or beyond by early next year...
...those fields and others closely related, unemployment is indeed soaring. Michigan Budget Director Gerald Miller expects the jobless rate in his state to jump to 15% or 16% by next month. Says June Collier, president of National Industries, a Montgomery, Ala., firm that makes electrical equipment used by Ford and Chrysler: "In the next couple of months we can see the unemployment rate hitting the 15% mark...
Summer job prospects in many cities are bleak, as the line of unemployed adults grows. In Detroit, already burdened by auto industry layoffs, 32% of young white people and 54% of black youths aged 16 to 19 expect to be jobless. "A lot of the kids who have more leisure time because they can't get jobs are going to wind up in trouble," frets Norman Isotalo of the Michigan Employment Security Commission. In the Boston area, 10,000 young people have applied for 2,000 lifeguard, clerk, bathhouse attendant and other such jobs paying $145-$178 a week...
Though the Administration continues to hope that overall unemployment will rise no higher than about 7.2% by year's end, a steeper climb seems inevitable. Alan Greenspan, a Republican economic consultant, foresees the jobless rate rising to about 8% this year and climbing to 8.2% by early next spring. Democratic Economist Robert Nathan anticipates that unemployment will peak early next year at 8.5% or higher...