By year's end the U.S. will achieve "the highest level of employment and the lowest level of unemployment ever experienced in peacetime," predicted Labor Secretary James P. Mitchell to a gathering of New York businessmen last week.
No man to kid himself about unemployment problems (TIME, March 2), Mitchell was basing his rosy-pink prediction on a recent Labor Department finding on the current high unemployment rate.* The finding: as business picks up, many industrial employers are paying for overtime instead of hiring or rehiring additional workers. Reason: liberal labor contracts have added so many fringe-benefit costs to each employee that it...
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