JOBS: The Elusive Objective of Full Employment

One of the anomalies of 1975 was the curious public quiescence about the highest unemployment rates that the nation has seen in the era since World War II. The rate hit 9.2% last May, and has since inched down to 8.3%. Members of TIME'S Board of Economists unanimously predict, in line with most other forecasters, that it will still be above 7% at the end of 1976—meaning that it will be as high after a year-and-a-half of recovery as it has been at the bottom of some previous recessions.

Yet there were no...

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