Business: Slow, Slow, Slow

Europe is in trouble

The U.S. economy may be chugging along nicely, but much of the rest of the world is close to a new recession. That was the sobering message of a report on 1977 and forecast for 1978 published last week in Paris by the Organization for Economic Cooperation and Development. The OECD's words carry weight because its 24 member countries make up just about the whole non-Communist industrial world.

According to the OECD, the biggest trouble spot is Europe, and it is easy to see why. While unemployment has been coming down gradually in the U.S., Europe's jobless rolls have...

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