Word: joblessness
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...economists and politicians, "full employment" does not mean what the words suggest: a job for absolutely everybody who wants one. Instead, the working definition has long been a jobless rate no higher than 4%. Even by that measure, the U.S. has rarely enjoyed full employment since World War II; the last time was in the closing months of the Johnson Administration and the early days of the Nixon era. Now the President's aides are redoubling efforts to bring the jobless rate back from nearly 6% toward full employment by the elections. Instead of launching another new economic game...
...surface redefining full employment from 4% jobless to something like 5% seems a cynical political move. In fact, there would be some economic logic behind it. More women, teen-agers and blacks are looking for full-time work now than ever before, and they often are unskilled and untrained. At the same time, the entire work force is growing so fast that the economy has not been able to produce enough jobs. In order to induce employers to hire enough new workers to bring the jobless rate down to 4%, the Administration might indeed have to fire up demand...
...Ribicoff's plan is more generous than the Administration's bill. He would set the basic support level for a jobless family of four at $3,000, compared with the bill's $2,400; he would also raise the maximum income at which working families would remain eligible for welfare aid from the bill...
...early '60s. Another 770,000 are unemployed but not counted in the 6% rate because they have become too discouraged to look for work. Unemployment is now 8.1% among Viet Nam-era veterans, 10% among blacks, and 17.5% among teenagers. Normally secure professional and technical workers have a jobless rate of 3%-the highest since the Labor Department started keeping figures on them...
...picture has failed to improve along with the rest of the economy, Administration officials believe, because the age and sex composition of the labor force has changed. Women and teen-agers are looking for full-time work in larger numbers than ever, pumping up the jobless rolls. Last year the civilian work force increased by 1,400,000, while the number of new jobs was only 490,000. In manufacturing, employment actually dropped 761,000 last year and 798,000 the year before. Government and service jobs made up for part of the shortfall, but job growth in these sectors...