30 Jan 1981
Page 1
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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jan 30, 1981
Page
1
Lorain County unemployment rose to 12.2 percent in December from 11.1 in November, a total 14 855 out of work. Layoffs at Ford Lorain and seasonal construction downsizing drive the rise, with 1980 annual average at 12.7 percent and January expected weaker.
The Commerce Department reports the leading economic indicators index dropped 0.8 percent in December to 136.6, indicating a slowdown ahead after six months of gains. Seven of ten components declined including orders for new goods, plant contracts, and building permits, while factory layoffs and the average workweek held steady.
Felix Tamm of the Commerce Department cautions that a one month index change does not define a trend. Lagging indicators such as commercial loans and consumer debt show danger signals of slower growth. The Labor Department reports productivity fell 14 percent in Q4 1980, marking a third straight yearly decline.
President Reagan vows sweeping spending reductions and a 60 day freeze on new federal regulations to tame inflation. He says no one is exempt from scrutiny as he dismantles the Council on Wage and Price Stability and pushes a broad tax cut plan, aiming to curb deficits without sacrificing growth.
Reagan faced his first presidential news conference with a calm, affable tone and a new question system. He thanked Helen Thomas and answered reporters from front and back rows, promising to fill 100 of 1700 government jobs and seek qualified Hispanics, blacks, and women.
New York honors freed American hostages with a Broadway parade through Lower Manhattan. Mayor Edward Koch touts the celebration as the city’s biggest, with millions expected and 2,750 police on duty. The former captives join 22 hosts or families in a festive, paper showered procession.
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