Word: nonfarmers
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...maintaining or even increasing prices during the recession. Their total profits fell last year as sales dropped off, but their profit margin on each dollar of sales held up fairly well. Now, with sales rebounding, the margins translate into zooming total profits. In addition, output per man-hour in nonfarm industries is rising nearly as fast as labor costs. That may change as more workers are hired and wages rise, but for the moment it means fatter profits. Most important, consumers are now buying the autos, appliances, clothes and other products they passed by during the recession...
...services, such as college tuitions and doctors' fees: the services category of the index jumped 1%, its biggest monthly rise in a year. Encouragingly, however, food prices-a major source of inflationary pressure last summer-crept only slightly higher in September. Productivity in the private nonfarm economy jumped at an annual rate of 9.4% in the third quarter, and since workers' pay rose less, unit labor costs dropped a trifle, lessening upward price pressure...
...slowed since 1950. In that year, a worker averaged 41.7 hours a week, as against 39.6 hours in 1970. The real change has come not in the shorter work week but in longer vacations. Before 1940, few non-managerial workers received paid vacations. By 1970, two-thirds of all nonfarm workers were guaranteed paid vacations, and the average for all workers was almost two weeks' vacation a year. If one includes paid holidays and sick leaves, the shrinkage in the work year has been more than three weeks in the past three decades...
...families rose to $12,840 in 1974-a 7% increase over the previous year-it was not enough to offset the 11% jump in prices, the bureau's new report says. Worse, another 1.3 million Americans slipped below the poverty level (e.g., $5,038 for a nonfarm family of four), though the poverty line itself was raised to reflect inflation. By the bureau's figures, the increase brought the total of officially defined poor to 24.3 million people, or 12% of the nation's population...
...Francisco, 12,000 youths have applied for 4,400 part-time jobs paying $2.10 an hour; the program is open to youngsters from families that are on welfare or earn incomes below the poverty line, now set at $5,050 a year for a nonfarm family of four. In St. Louis, 30,000 to 40,000 youths are expected to sign up for about 4,900 public service jobs, and Chicago will have at most 42,000 positions to offer to three times as many applicants. That assumes that some federal funds will be forthcoming to supplement the city...