STATE OF BUSINESS: Still Picking up Speed

Reflecting the increased pace of the new boom, the Labor Department reported last week that in mid-July, employment reached an alltime record of 67,594,000, rising by 252,000 over June. What pleased Government economists most was the 110,000 drop in long-term unemployment (15 weeks or more) to 817,000 in July.

Since the Labor Department's survey was taken during the first week of the steel strike, it showed few of the strike's effects. As the steel strike started, unemployment was down by 238,000 from June to 3,744,000. But an unusual rise in the number of unemployed farm workers in July because of...

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