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Newspaper
Independent
Location
Long Beach, California, United States of America
Date
Aug 29, 1974
Page
8
Washington reports the commerce department index of leading indicators climbs 1.8 percent in July reversing June decline and signaling stronger economy. New unemployment claims drop to 282000, the lowest since November, amid gains in factory spending and durable goods orders. Inflation remains a concern across sectors.
A July Harris survey found 65 percent say the country is in a recession with 56 percent expecting one to last another four years. Most believe prices will keep rising, 62 percent foresee inflation at similar or greater rates next year, while 51 percent save for a rainy day and 25 percent buy now before prices climb.
Washington AP report shows 245 of 258 responding industries face shortages of at least one essential material from aluminum to ink. Sen. Henry M. Jackson calls for inflation plans to address shortages, noting domino effect on consumer prices and constraints on production amid high interest rates and energy concerns.
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