Word: midyears
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...Administration has not yet spelled out the anticipated impact of all parts of its tax package. But in its July midyear economic review, it forecast an increase in real economic growth after discounting for inflation of 5% in 1983, vs. an expected 2.6% this year. Inflation too should come down, from a 9.9% rate through December to 7% next year, dropping to around 4% by 1986. Interest rates should go down from 13.6% now on 91-day Treasury bills to 5.5% in 1986. At the same time, contends the Administration, the federal budget deficit should almost disappear as rising productivity...
Last week the Administration officially admitted that its optimism about interest rates has so far been wildly overblown. The backpedaling, which came as part of the Administration's midyear economic review, raises some doubt as to whether rates will decline very much this year...
Much of the midyear review was distinctly-and determinedly-upbeat. In March the Administration had forecast a 1981 full-year inflation rate of 11.1%, but that figure has now been scaled back to a barely single digit 9.9%, while the 1982 forecast has been shaved by slightly more than one percentage point, to 7%. The lower inflation reflects the softening demand for petroleum, but some economists are now warning that the worldwide oil miniglut may soon end, sending prices, and inflation, upward again...
...American has juggled an average of four hours of workout per day with classes and time logged in the library. This has meant sitting through morning classes after completing a pre dawn workout designed to push his body to the brink of exhaustion. It has also meant readying for midyear examinations when the workouts were getting more rigorous in preparation for the tougher part of the meet schedule...
...sluggish economy will be bac news for those looking for a new job. The board believes that unemployment will rise from its current level of 7.4% to 8% by midyear before dropping back to 7.8% at the end of 1981. That will leave about 8 million people jobless for most of this year...