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Odessa American Newspaper Archives Jan 10 1998, Page 4

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Odessa American (Newspaper) - January 10, 1998, Odessa, Texas4a Odessa american saturday 10. 1998officials speeding to Indonesia a with Carrot stick Washington apr High ranking Clinton administration and if officials Are heading to Indonesia with a pointed message for president Suharto get your financial House in order. But they also Hope to give the indonesian Economy a boost before the asian crisis becomes even worse. Indeed Stock prices plunged on Wall Street Friday amid investors concern that Asia s problems will spread to economies around the world. The immediate objective of the Indonesia Mission is to get the ailing. 76-year-old Suharto to Speed up Belt tightening requirements demanded by the International monetary fund. If he agrees then the lending organization and the United states May accelerate pay ments in a $40 billion Rescue package As they did two weeks ago with South Korea. The if has made $3 billion of the Aid available so far and the next $3 billion is supposed to be disbursed March 15. These payments Are the Only leverage the if and its member governments have to get the indonesian authorities to keep their promises. Janet l. Yellen. Chairwoman of the White House Council of economic advisers said the adm is traction believes it is a tical for Indonesia to follow the if reforms so Market Confidence can be restored. This is the same message president Clinton conveyed to Suharto in a 20-minute Telephone conversation from air Force one thursday night. A there can be debate about the details of what the appropriate policy package looks like but. The willingness to adopt key structural reforms is essential Quot Yellin said. She said the purpose of the Pacific trip to Indonesia by Deputy Treasury Secretary Larry Summers a is to talk with the indonesian government about the if package and. Emphasize the importance to carry it Summers and two top officials from the if managing director Michel Ca Dessus and his Deputy Stanley Fischer Are Rushing off to Jakarta the indonesian capital in part because of fear that the economic crisis could produce civil unrest in the world s fourth most populous country with 202 million citizens. And there also is concern that it could spread the asian problems. A we believe Indonesia s stability is important to the Region and important to the United states Quot said state department spokesman James p. Rubin. In recent months the asian financial crisis has created unrest in . Markets worrying investors and businesses that sell products in Asia. Defense contractors with pending business in several asian nations Are particularly concerned that commitments will not he met. De be n be s dec r e tary will a m Cohen leaves today for Asia with stops planned in seven countries including Indonesia and Korea. A Treasury official added to the trip at the last minute because of the burgeoning crisis will be on hand to Brief Cohen As he goes into meetings with leaders of both countries. Cohen will offer . Support but not any formal proposals for easing the financial turmoil. Pentagon officials said. Meanwhile several analysts said they believe the question of Suharto s succession has overtaken the importance of the if bailout. He completes his sixth five year term in office in March and there is no Clear successor. A even if the if threw $100 billion at Indonesia it would not make any said Jeffrey Winters a professor of political Economy at Northwestern University and an Indonesia specialist. Quot Confidence will not be restored when the president is ill and no one knows what will happen Kathleen Stephansen an analyst with Donaldson Lufkin amp Jenrette securities said visits by High level delegations could provide temporary Comfort a but one has to ask what a to become of Suharto what Are the military a during their financial crises Thailand and South Korea have managed successful political transitions but Indonesia has not and Many of those surrounding Suharto including his economic advisers Are More concerned about their futures than if austerity packages Winters said. The if wants to a Speed up and strengthen Quot its program for Indonesia. It Calls for the government to achieve a budget surplus raise taxes postpone infrastructure projects restructure the financial sector and phase out import and marketing monopolies Many of which Are controlled by members of Suharto a family. Faced with those austerity demands Suharto submitted a budget earlier in the week that called for a 32 percent increase in spending. Disappointed financial markets reacted by sending the country a currency the rupiah plunging and shoppers in Jakarta scurrying to Hoard essential supplies. But after Suharto reaffirmed his dam fitment to if reforms the currency bounced Back by 30 percent Friday. Lawrence Chimerine an analyst with the economic strategy Institute suggested Summers might try a to mediate or moderate or get the if to ease some of its demands Quot in Exchange for More Concrete actions by Suharto to carry out the reforms. Some critics say if prescriptions for Indonesia and. Asian economies Are too harsh and stifle the economic growth they Are designed to encourage. After amazing year . Unemployment creeps up to 4.7% the american joblessness rate has t been lower since Washington apr unemployment inched up to 4.7 percent in december but 1997 nevertheless entered the record books As a terrific year. American joblessness Hasni to been lower in peacetime since 1957. But with asian turmoil hammering the . Stock Market and starting to spill Over to the american Economy president Clinton a chief economic adviser acknowledged 1998 May not be quite As Good. Janet l. Yellen told reporters a further drop in unemployment is possible but a slight increase is More Likely. A this has been an exceptional year in every Way. And conservative forecasters would t forecast a repeat of something As exceptional As we be had this year Quot she said. Of More immediate concern to Wall Street traders than Asia s Impact on . Employment is its threat to the profits of companies exporting to the Region. Fears that Indonesia s crisis is deepening battered stocks the Dow Jones average of Industrial stocks Sank 222 Points to close at 7,580, bringing the decline for the week to 385 Points. Still Friday s report underscored the Economy a fundamental health. Average monthly unemployment last year a 4.9 percent a matched rates of 1973 and 1970. It has t been lower since 1969. When production for the Vietnam War pushed the rate to 3.5 percent. And it has t been lower in peacetime in four decades. A your nation is on a Roll Quot Clinton declared speaking before thousands at a High school stadium in Mission. Texas. December s seasonally adjusted annual rate of joblessness though up slightly from 4.6 percent in november marked a substantial improvement Over the rate at the Start of the year. 5.3 percent. Employers added a robust 370,000 jobs in. December bringing . Payrolls to 123.9 million. That s 3.2 million More than a year earlier the largest number created since 1994. And 14.3 million higher than at the Start of Clinton s first term in 1993. But economists expect Job creation to slow As a flood of cheap imports from Asia competes with domestically manufactured goods and. As sales to Asia roughly 30 percent of . Exports slump. Yellen said she did not argue with forecasters who say the asian crisis will shave Between a half and a full percentage Point from . Economic growth this year. But that would still leave growth proceeding at a moderate rate. Long term interest rates near 30-year lows should stimulate Home buying and other consumer purchases. A there will be some slackening in Export oriented businesses a said economist Allen Sinai of primary decision economics. A but by and Large american workers will experience Good times for a second indeed Many analysts contend Asia s Impact Means the Federal Reserve can keep inflation tame without growth squelching interest rate increases. A Asia is doing the feds work for it and As Long As it does the fed will sit tight Quot said economist Everett Ehrlich of est co. In Washington. Despite the Short Supply of labor Chesapeake Sale great Sale prices on a Fly Stock furniture Beautiful furniture a ready to delivery or great Sale prices on special orders pick your own special fabric from Over 1000 choices and get the Sale Price Complete your look immediately right off of our showroom floor or let us help you with your master play at Rio charge. Our talented Interior design staffs ready to help you with 1 piece or a total look come visit with Carol Braun an sue elder Ginger Comer Aleesa Walker Susan Arrington Esther Storey 2101 w Wadley Awe. A Midland Texas 79705 915-682-0029 a 570-0094 and some upward pressure on wages inflation actually improved in 1997, with a rate of about 1.8 percent compared with 3.3 percent in 1996. Workers reaped the benefits in their paychecks. Average hourly earnings Rose just a Penny in december to $12.48. But from the fourth Quarter of 1996 to the fourth Quarter of 1997, wages Rose. 4 percent compared with 3.5 percent for the corresponding period a year earlier. And adjusted for inflation workers raise amounted to about 2 percent the Best since the -1970s. In december Job gains were widespread. Construction companies added 50,000 jobs manufacturers 39,000, retailers 52,000 and finance real estate and insurance firms 23,000. Computer services with a 17,000 gain in december accounted for 5 percent of . Job growth last year even though the sector represents Only about 1 percent of total payrolls. Over the year the Federal payroll shrank by 39,000 jobs but state and local governments added 302,000. The average workweek declined from 34.8 hours to 34.6 hours in december. But in manufacturing alone the workweek increased from 42.1 hours to 42,3 hours a Post world War ii High. Among demographic groups the unemployment rate last month was 4.1 percent for men older than 19, 4 percent for women 14.3 percent for teen agers 3.9 percent for Whites 9.9 percent for Blacks and 7.5 percent for , new Bone density measurement technology at West Texas imaging Center helps provide Early diagnosis of osteoporosis. Available now at West Texas imaging Center Sajja Dut islam . 320 n. Muski Ngum Odessa to 915/335-8400hasta la Vista. No matter How you say it As of january 30, 1998, its goodbye for these three scratch games from the Texas lottery Ace in the Hole Cowboy Cash and yellow Rose of Texas. While we re scratching these games off our list you can claim prizes through july 29, 1998. You can win up to $3,000 playing Ace in the Hole up to $5,000 playing Cowboy Cash and up to $20,000 playing yellow Rose of Texas. You can claim prizes of up to $599 at any Texas lottery retailer. 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