Word: labor
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Dates: during 1960-1969
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Marking something of an economic milestone, the Labor Department last week reported that in June the U.S. work force topped the May level by 2.7 million, reached 80 million for the first time in history. And with an increase of 1.3 million jobs, there were more Americans than ever before-77.3 million-picking up paychecks...
There was, however, a disturbing paradox behind those rosy superlatives. If the nation's employment increased, its unemployment jumped even more dramatically. Though June school closings traditionally loose hordes of eager job-hunting students on the labor market, this June's joblessness rose a full 200,000 more than anyone had expected. It rose to 3.6 million as compared with 2.3 million in May. As a result, the nation's overall unemployment rate climbed from a 15-year...
That did not affect men over 20, whose unemployment rate remained steady at a slim 2.3%. Bearing the brunt are the 13.5 million out-of-school youths aged 16-to-21 who are looking for a summer job. The Labor Department figures that only 11.5 million of them will find jobs of any sort. One reason is that, despite big draft calls and a booming economy, such perennial employers of student power as construction and retail trades are soft. Even political campaigns, which absorb many young volunteers, are not taking up the slack...
...city that withstood an all-out Communist blockade in 1948-49, Ulbricht's new restrictions in themselves are little more than a nuisance. Nonetheless, they dramatized anew the perilous state of West Berlin's economic links-a fact that has frightened off both industry and labor...
...resulted in a dearth of management talent, and West Berlin has had trouble attracting both research laboratories and growth industries. Significantly, neither computers nor autos are manufactured in the city. Not the least of the obstacles to economic expansion is a critical shortage of workers. West Berlin's labor problem became acute when the Ulbricht government put up the Wall in 1961, thus depriving the city's Western sector of its 60,000 East German workers. Native labor, meanwhile, is difficult to keep at home, since the average hourly wage ($1.25) runs some 10% below that in West...