U.S. Unemployment Rate Climbs to Five-Year High

THE JOURNAL RECORD, February 8, 1992 | Go to article overview

U.S. Unemployment Rate Climbs to Five-Year High


WASHINGTON (AP) _ The nation's unemployment rate stuck at a five-year high of 7.1 percent in January as employers laid off 91,000 workers, the government said Friday. Economists said the news all but dashed hopes for an economic upturn early in the year.

The Labor Department said 8.9 million Americans were without jobs, 2.5 million more than before the start of the recession 19 months ago. It was the highest number since 1984.

"The recession is still with us," said economist Bruce Steinberg of Merrill Lynch. "A lot of people thought we were bottoming out ... but this data fits with the idea the economy is still shrinking."

The report gave an immediate boost to the bond market, where interest rates fell. Lower interest rates in turn generated a stock market rally.

Traders are betting the Federal Reserve, which has held monetary policy steady since late December, will stimulate the economy with additional cuts in short-term interest rates.

"This will give people the double-dip in mortgage rates they want,"

said economist Paul Getman of Regional Financial Associates in West Chester, Pa.

However, by draining money from the banking system late Friday morning, the Fed signaled it was not cutting rates just yet.

Mortgage rates hit an 18-year low early in January but began rising after Federal Reserve Chairman Alan Greenspan told Congress he likely had lowered rates enough to get the economy moving.

"Every time Greenspan goes before Congress and says I think the end of the recession is near, he gets egg on his face," Getman said. "No wonder consumer confidence is so low. It's like a comedy of errors in Washington."

The fresh deterioration in the job market came despite hints of recovery elsewhere in the economy, including gains in housing and better-than-expected sales last month among major retail chains.

The government estimates the unemployment rate and the number of jobless Americans from a survey of households. A separate survey of employers' payrolls, often considered a more accurate gauge of labor markets, painted an even bleaker picture in January, showing a loss of 91,000 non-farm jobs. In advance, analysts had expected a gain of around 30,000.

Also, December's job gain, previously estimated at 31,000, was revised down to 3,000.

Increases in government and health and financial service jobs were not enough to offset a sharp drop in both factory and retail employment. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

U.S. Unemployment Rate Climbs to Five-Year High
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.