The U.S. last week saw some of the most welcome statistics in many months: unemployment sank to an eight-year low of 4.5% in July and employment set a new record of nearly 75 million. With the number of jobless at the lowest level since booming October 1957, the most favorable indication of all was the statistic on teenagers, the center of the unemployment problem. Contrary to all expectations, the proportion of idle teen-agers fell from 14.1% in June to 13.2% in July. More than 1,600,000 of them found jobs, 50% more than...
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