Word: sectored
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Wilhelm says the advent of clerical, service, and government employee unions is a result of a recent production shift from the manufacturing to the service sector. "The traditional backbone of union membership has shifted," he says. "There's substantially less jobs in manufacturing today than there was 25 years...
Volcker made his name in the public sector while serving as President Richard Nixon's under secretary of the Treasury for monetary affairs. In an effort to rescue the lagging dollar and rebuild the troubled international finance system, Volcker engaged in his own version of shuttle diplomacy. He traveled to international banking capitals and met with foreign finance leaders, ultimately restructuring the international debt...
When Volcker left the Federal Reserve Bank of New York to accept the chairmanship, he also accepted a 45 percent pay cut. He now earns $67,000 yearly--one-tenth the salary he could command in the private sector, bankers say--and has family has shouldered significant sacrifices...
Responding in part to a slowdown in the industrial sector, the Federal Reserve last month lowered the discount rate a notch...
...exchange played itself out, Lebanon once again was in turmoil. In Beirut, Shi'ite militiamen battled with Palestinians for control of three Palestinian refugee camps on the southern edge of the city, two of them Sabra and Shatila, where the infamous 1982 massacre took place. In the Christian eastern sector of the capital, a car bomb of unexplained origin killed 55 people and wounded 176. In Cairo, in the meantime, the Egyptian government announced that it had narrowly averted the car bombing of a diplomatic mission, presumed to be the U.S. embassy. And in Kuwait late last week, the ruling...