NATION AND WORLD
Page 10
Nation's GNP increases by 7.9 percent
By United Press International
WASHINGTON — Despite high interest rates, the nation's gross national product expanded at a healthy 7.9 percent annual rate from July through September, the government reported yesterday.
The broadest measure of the nation's output of goods and services climbed almost 2 percent above its previous peak, which was set two years ago.
The civilian unemployment rate, at 9.3 percent, is still a long way from shrinking to the 7.2 percent level at the recession's start, according to the government figures. Commerce Secretary Malcolm Baldridge said that unemployment should "keep coming down to the 8 percent range next year."
University Daily Kansan. October 21, 1983
FEDERAL RESERVE CHAIRMAN Paul Volicker told Congress that the economy remained firmly on the path of expansion, but he also warned that he would keep interest rates high and eventually weaken the economic recovery.
In 1983 dollars, the department's Bureau of Economic Analysis said that the July-September economy generated goods and services at an annual rate of $3,363 trillion. After eliminating the increase amounted to 7.9 percent.
Anticipating the favorable GNP reading, President Reagan said, "I want to do better."
ference. "Virtually every sector of the economy, from construction to the auto industry to high technology, is expanding, creating new hope in a more secure future. We have the chance to build the kind of lasting economic expansion that this nation has not enjoyed since the 1960s."
But Volcker told the Joint Economic Committee, "I think interest rates are higher today then they would be with a smaller deficit.
"HIGHER DEFICITS ARE going to lead to higher interest rates," the Fed chairman said. "There are great doubts whether Congress will face up to
When 1882 ended, the GNP was worth $ 0.73 trillion.
The latest GNP gains were in addition to the second quarter's five-year-high 9.7 percent growth. In the April-June quarter, final sales were stronger but inventory building had not vet gotten under way.
Inflation throughout the economy, as measured in the GNP report, showed no acceleration. The government's implicit price deflator was 3.4 percent in the third quarter compared to 3.3 percent in the second.
The third quarter's rate of growth was even better than the 7 percent that was tentatively projected by government economists in their September flash report on the basis of only one month's data.
Economists generally consider a sustained 4 percent growth rate the
REAL GNP Gross National Product
break-even point above which the unemployment rate gets better.
The main pillar of the recovery, consumer enthusiasm, drove final sales up 3.1 percent in the third quarter, to 8.4 percent in the second quarter
The assembly instead approved 79 to 43, with 19 abstentions, a motion by the five Nordic countries to solve the issue.
By United Press International
U.N. votes to kill Iranian motion to dispel Israel
Though decisive, the vote showed greater support for the Iranian call than a similar move last year that was set aside — also on a motion by Sweden. Denmark and Iceland — by 74.9 vote, with 31 abstentions.
UNITED NATIONS — With the United States ready to walk out if Israel is ousted, U.N. delegates yesterday ignored a call by Iran for the General Assembly to expel the Jewish state.
The Soviet Union and its Communist allies abstained in 1982 but this year joined most Arab countries in calling for the return the Nordic blocking motion.
Egypt broke Islamic ranks and supported the Nordic motion. Lebanon avoided the vote.
The State Department announced Wednesday that the U.S. delegation would walk out of the assembly, and that U.S. funds would be withheld if an attempt to eject Israel succeeded.
The decree, published in the official Gazette, ordered workers' wage hikes slowed and taxes boosted in an effort to solve the country's financial crisis.
The order came hours after a 60-day state of emergency was imposed in the capital and the congress rejected a similar auction bill, drawing angry criticism from the political opposition to President Joao Faigo reuiredo's regime.
BRASILIA, Brazil — The military government overrode Brazil's Congress yesterday and decreed harsh austerity measures demanded by foreign bankers to rescue the country's ailing economy.
"NOW WE ARE all under the control of the police," said principal opposition leader Dep. Ulisses Guimares, He called the state of emergency imposed in Brasilia Wednesday "unheard of violence."
Leaders order strict measures to stimulate Brazil's economy
Opposition leaders held closed-door meetings in response to the decrees.
By United Press International
The government called the wage-tax bill "vital" to convince foreign lenders Brazil was serious about making sacrifices to win loans that will stave up bankruptcy under its crushing $80 billion debt cost — the world's largest.
"Without some kind of wage cutting bill there can be no deal with the International Monetary Fund," warned
Foreign bankers, led by the IMF, have told Brazil it must put its economic house in order to qualify for fresh infusions of cash — including tough action against 175 percent inflation.
extrardo Azevedo, president of the Sao Paulo stock exchange.
THE EMERGENCY APPLIES only to the federal capital but gives the army dictatorial powers to search houses, arrest people without warrant, hold them in army barracks and ban union activities and restrict labor union activities.
The first measures ordered included a ban on public meetings and the setting up of checkpoints to stop buses and cars bringing people into the capital for purposes other than tourism, sports, business or residence.
The government said the measures were necessary to stop "recruited agitators" from "intimidating" constituents to vote against the wage restrictions.
The government initially decreed across-the-board cuts of one-fifth from future wage hikes, but opposition parties and nominally pro-communist groups voted down the measure, saying the sacrifices called for were too great.
The new decree protects wage hikes for those earning up to $15 per week and reduces the increases on a sliding scale for those better off.
DU
fall/winter 83-84
Sweaters from around the world in cottons, cashmere, Shetland and more. Trousers from khaki to moleskin and materials between Jawab yarns, wind breakers, anoraks, and raingear in Goretex, down, thinsulate, bunting, fleece and polypro, colors galeore, Sox and hats, gloves and mitts, shirts and long undies too numerous to list.
Booklet, boots and blankets, bicycles, optics and skis. A good store for the fall and winter seasons. A store very likely to please.
TREAT MOM & DAD to Pizza at
SUNFLOWER
$2 off any large pizza after Parent's Day football game
PARENTS DAY 1983
Saturday, October 22nd
ALL-UNIVERSITY RECEPTION with the Chuck Berg Band 10:00-11:30 a.m. Kansas Union Main Lobby
OPEN HOUSES IN ACADEMIC DEPARTMENTS
- Architecture and Urban Design
- Business
- Chemistry
- Engineering
- Health, Physical Education and Recreation
- Journalism
- Military Science
- Supportive Educational Services
- Pharmacy
- Study Abroad
- Religious Studies
KU vs. Oklahoma State
1:30 p.m. Memorial Stadium
Reserved Tickets $12.00
EXHIBITS
FOOTBALL
- 2nd Annual KU Book Fair, Watson Library
- Art and Design Building Gallery
- Dyche Museum of Natural History
Tickets on sale at Allen Field House Ticket Office 864-3141
- 64th KU Engineering Exposition, Learned Hall
- Snow Entomological Museum
- Kansas Union Gallery
- Spencer Museum of Art
- Spencer Research Library
Reserved Tickets $10.00 and $12.00
with Rodney Lay and The Wild West, FANCI, and KU student talent
PARENTS DAY CONCERT
$2 Discount with KU-ID
Roy Clark
LAMBDA SIGMA MUM SALE
Members of Lambda Sigma sophomore honorary will sell chrysanthemum corsages from 9:00 a.m. to 1:00 p.m. at the Burge and Satellite Unions and from noon to kickoff time at Memorial Stadium. Proceeds support Lambda Sigma activities.
J. HOOD BOOKSELLERS
25,000 $ _{1/2} $ PRICE PAPERBACKS FINE HARDCOVER TITLES IN ALL FIELDS
PROVIDING SCHOLARLY BOOKS FOR THE STUDENT RESEARCHER & LIBRARIAN
1401 Massachusetts
841-4644
Tues.-Sat. 11 a.m.-6 p.m.
Sunday 1 p.m.-6 p.m.
"AUNDER FIRE" JEAN-LOUIS TRINTIGNANT · RICHARD MASUR ED HARRIS as Oates Music by JERRY GOLDSMITH, featured guest solos PAT METHENY Director of Photography JOHN ALCOTT B.S.C. Executive Producer EDWARD TEETS Semiplay by RON SHELTON and CLAYTON FROHM Man Story by CLAYTON FROHM Produced by JONATHAN TAPLIN Directed by ROGER SPOTTISWOODE ORIGINAL SOUNDTRACK AVAILABLE ON WANDAER BOOKS & TAPILNS © 2010 JEAN-LOUIS ASSOCIATION. CORRECTIONS, WRITTEN PROPRIETARY ALL RESERVED ORIGINAL SOUNDTRACK AVAILABLE ON WANDAER BOOKS & TAPILNS © 2010 JEAN-LOUIS ASSOCIATION. CORRECTIONS, WRITTEN PROPRIETARY ALL RESERVED
NOW PLAYING AT A THEATRE NEAR YOU.
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