UNEMPLOYMENT: Signs of Stress in the Saftey Nets

Unemployment is rising and production is falling faster than at any time since the Depression, and the situation is certain to grow worse. In January, the output of the nation's factories, mines and utilities fell 3.6%, the most severe monthly plunge in 37 years. With production lines shutting down and the number of bankruptcies swelling, President Ford's economists have already abandoned their recent prediction that unemployment this year would average 8.1%. It hit 8.2% in January, is sure to climb in February and, says Arthur Okun, a member of TIME'S Board of Economists, "it will take a miracle to...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!