Word: gdp
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...Bank must be going off. Some economists believe that inflation is inevitable when the unemployment rate drops below 6%, because wages rise as the labor market tightens. Average hourly earnings in August rose by 0.5%, bringing wage increases over the past year to 3.6%. Throw in the torrid 4.8% gdp growth in the second quarter of 1996, and you can understand why many Fed watchers are expecting an interest-rate increase at the Fed's next meeting on Sept...
...good news for America, more evidence that our economic strategy is working," said Clinton. Investor fears that the Federal Reserve will hike short-term interest rates to ward off the inflation that usually accompanies rapid growth have been eased by reports that inflation is not heating up. (While the GDP rose 4.2 percent, the price index climbed just 2 percent.) In response to this morning's report, the Dole campaign called the President's announcement "a slap in the face" for the American taxpayer, claiming Clinton is presiding over a recovery which is leaving the American worker behind...
...unvarnished truths, Yeltsin began to react to conditions in the country," says Donnelly. "It does not take a genius to realize Russians are disgusted by the poverty, corruption and crime." Over the course of his campaign, Yeltsin promised different constituencies a sum totalling more than the Russia's 1996 GDP, and last week he paid uncompensated teachers with $1 billion he acquired by raiding the Central Bank's currency reserves. He and his cohorts kept up an unrelenting barrage of anticommunist rhetoric, prophesying that civil war and general catastrophe would accompany a Communist win. "Many voters were apprehensive," says Donnelly...
...contrast, federal and state taxes together average 38 cents per gal., less than 30% of the price. Thanks in part to their policy of high-priced gas, our industrial competitors have made stunning strides in energy efficiency and independence. In Japan the high cost of oil imports--5.5% of GDP in 1980--forced industry to restructure. By 1990 oil imports were 1% of gdp. Put another way, Japan produces about three times its 1975 output with, in effect, the same tank...
...rise in interest rates from the Federal Reserve. April's modest job gains had a reassuring effect on Wall Street, calming fears that inflationary pressures are building. TIME's Bernard Baumohl says that if employment figures released today had been very strong, coupled with Thursday's report of GDP growth of 2.8 percent in the first quarter, the markets would have legitimate reason for concern that inflation is building and the Federal Reserve would raise interest rates. "Today's report is additional evidence that the economy is not overheating and inflation remains well under control," says Baumohl. "Wall Street seems...