Word: nonfarmers
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From the Federal Reserve Board in Washington last week came the rosiest FRB comment yet on the comeback from the recession. Said the FRB: "Rapid recovery in economy activity continued in August. Industrial and construction activity, nonfarm employment and consumer buying rose further." The FRB index of industrial production rose three points in August, to 137% of the 1947-49 average, has regained more than half of the recession loss. Furthermore, the FRB found that it had underestimated the production climb in June and July, had to revise those figures upward...
Straight-faced from the U.S. Census Bureau last week came some provocative statistics on the relationship between money and marriage. Among nonfarm men aged 35 to 64, reported the bureau, 96.4% of those earning $6,000 or more a year are married. Among those earning less than $2,000 a year, only 71% are married. Two percent of the $6,000-plus group are single, said the report, and 1.6% are widowed or divorced. In the $2,000-minus class, 18.4% are single, 10.6% are widowed or divorced...
...points to 142 on the Federal Reserve Board's index, compared to the boom peak of 147. Though overall employment in October increased slightly to a monthly record of 66 million-and unemployment decreased to 2,500,000-the bulk of the gain was in farm workers; nonfarm workers increased by only 12,000 v. a 317,000 gain in October...
...economy ignored both statistics and statements. If business were slipping, money should be easing; yet last week money was tighter than ever, reflecting a demand for funds to finance expansion. The Federal Reserve Board announced that record levels during May were maintained in construction activity, nonfarm employment, personal income and retail sales. Mortgage applications jumped to their highest level in several months, leading builders to hope for a summer upturn in lagging home building...
...decline in employment for January since 1949. although the drop was accentuated by a late labor census in December that caught many Christmas employees, e.g., students, housewives, not normally included in the total. The result: though employment dropped 1,700,000, unemployment rose just under 500,000. Even so, nonfarm employment in mid-January was still the highest for any January on record. Despite all the talk of an impending bust, it looked as if reports of its imminence were greatly exaggerated...