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University Daily Kansan / Thursday, September 19. 1991
Predictions of recovery vanish after construction rate drops
The Associated Press
WASHINGTON - The national economy, rather than bouncing strongly out of the recession, is beset with a list of problems from sluggish consumer spending to a virtual standstill in commercial construction, the Federal Reserve reported yesterday.
The Reserve's latest survey of national business conditions said the recovery continued to be uneven across the country with a rebound in manufacturing one of the few bright spots.
Some private economists were more blunt, saying the Reservereport depicted a moribund economy that could easily slip back into recession.
Even economists who are not forecasting a so-called "double dip" recession are predicting that the recovery will be one of the weakest on record.
"We are still going to have a million Americans unemployed because the recovery will be so slow that it won't reduce the jobless figures," said Mark Zandi, senior economist at Regional Financial Associates in West Chester, Pa. "The recovery is going to feel almost as bad as the recession."
day, the Commerce Department reported that construction of new homes and apartments edged up only 0.6 percent in August while the number of building permits, considered a good sign of future activity, fell for the first time since February, declining 4.6 percent.
To many economists, the housing report raised serious questions on whether the rebound in housing, which normally leads the country out of recession, is about to falter.
This view was bolstered by the Reserve survey, which found that fewer than half of the Reserve's 12 regions were reporting further increases in housing sales and construction in the late summer after an initial rebound in the spring.
In a third report, the American Bankers Association said consumer loans at least 30 days past due rose to 2.73 percent in the April-June quarter, the second highest level in more than a decade.
Analysts said this report showed that debt-strapped consumers faced with weak income growth in a recession were having trouble paying off their bills and were unlikely to be able to begin spending again anytime soon.
In the new report, the Reserve found that most regions reported disappointing spending with back-to-school sales described variously as "weak, slower than expected or disappointing."
"As yet, there is little sign of a sizeable rebound in consumer spending that will contribute to a strengthening business recovery," the reserve said.
The Reserve's review of business conditions, known as the "beige book," is compiled from reports from the 12 regional banks.
The document is prepared eight times a year and serves as a guide to policy makers when they meet to set interest rate policies.
The central bank last week conducted another round of credit easing including pushing the discount rate, from 5.9 percent to 5 percent, its lowest level in 18 years.
Many analysts said the view in the beige book would bolster the arguments of the Bush administration that the Reserve needs to go even further to cut rates to bolster the economy before next year's presidential election.
The Reserve survey found that the strongest sector in the economy at present is manufacturing, with the gains led by rising export sales.
Space shuttle Discovery comes home after launching $740 million satellite
The Associated Press
EDWARDS AIR FORCE BASE, Calif. — The space shuttle Discovery thundered across the heart of California in the dark early yesterday and landed under searchlights after a mission to launch a satellite to study Earth's atmosphere.
"That was a most excellent adventure," Kenneth Reigler Jr. pilot, said after the crew returned to Houston.
"All in it, a super flight. I'm proud of the way the team executed it," she shouted. "I said a person in the NASA Space Center, Fla.
new contact of a rain diverted the shuttle from a planned landing at Kennedy, where 600 spectators waited in vain.
Forrest McCartney, the space center's director, said Dis coverage appeared in good condition after its five day, 2.2-mil mile-mile flight.
Discovery took off from Florida Thursday night. Its primary mission was the successful launch of the $740 million Upper Atmosphere Research Satellite late Saturday. The satellite will study how pollutants deplete the ozone layer shielding Earth from ultraviolet sunlight that can cause skin cancer and damage crops.
After the Florida landing was called off, the shuttle took an extra orbit around the Earth. Because of the high inclination of its orbit, swinging far to the north and south of the equator, the incoming shuttle crossed the Pacific Coast far
to the north near Newport, Ore.
it then streaked southward across California's Central Valley farmlands, startling sleeping residents with its characteristic twin sonic booms.
"Our 911 lines just lift up," said Sacramento police dispatcher Dafna Fann. "People heard their windows rattling and thought their homes were broken into. We didn't know what was going on."
As six powerful searchlights illuminated a concrete runway at Edwards, Discovery and its five astronauts landed at 2:38 a.m. after orbiting the planet 81 times.
at 2:30 a.m. of arrival or during the trip.
Detailed inspection of Discovery's heat shield tiles remained to be done, but a preliminary look revealed very minimal damage. The tires showed normal wear and the brakes appeared fine, said Eric Redding, a NASA test director.
NASA hopes to have Discovery ready to leave Edwards on Tuesday atop a shuttle carrier aircraft for the return to Florida.
Six hours after the landing, Reightler, commander John Creighton, and astronaut James F. Buchli, Mark Brown and Charles 'Sam' Gemar took off for Houston, where they were met by 50 people.
"Wereally had a ball," Buchli said.
Kennedy was restored as the shuttle's primary landing site three months ago.
WHY?
Three reasons to talk to your parents about buying a Macintosh $ ^{\textcircled{8}}. $
1. It's easy to use.
Bring home an Apple Macintosh computer today, and use it to complete assignments tonight-even if you've never used a computer before.
There are no complicated computer languages to learn. And best of all, the Macintosh programs all work in the same way. Once you've learned one program, you've learned the basics of using them all.
2. It can grow with you.
The Apple Macintosh systems are useful to all majors in college. No matter what you do,you can do it better using Apple Macintosh.
After graduation, your Macintosh system will adapt easily by adding new software and equipment to fit your changing needs. You can count on Apple Macintosh to keep you on the cutting edge of technology.
3. It's more affordable
than ever.
Macintosh prices are lower than ever-especially with the Back-to-School Bundles and coupons offered by the KU Bookstores right here on campus.
By purchasing your Macintosh computer from the KU Bookstores, you not only get special student prices, but you can also take advantage of convenient on-campus technical support.
HEALTH FAIR '91
TODAY & TOMORROW
9 a.m. - 3 p.m.
Watkins West Entrance
FREE PERSONAL EVALUATIONS:
Cholesterol/Percent Body Fat/Caloric Needs Blood Pressure/And Much More!
FREE NUTRITIONAL SNACKS!
FREE NUTRITIONAL SNACKS
FREE HEALTH EDUCATION CREATURES
FREE ORIGINAL JERKIES!
FREE HEALTH EDUCATION LITERATOR
REGISTER FOR FREE DOOR PRIZES!
Health Education 864-9570 We Care for KU Health Center 864-9500
Serving Only Lawrence Campus Students
INFORMATIONAL MEETINGS ABOUT NSF EPSCoR
Faculty members, eligible to apply for NSF grants, are invited to attend informational forums to learn more about the Kansas K*STAR NSF EPSCoR program.
Wednesday September 18th 3:30-5:00 p.m.
Thursday September 19th 3:30-5:00 p.m.
Monday September 23rd 3:30-5:00 p.m.
Tuesday September 24th 3:30-5:00 p.m.
3092 Malott Hall
2028 Learned Hall
2046 Haworth Hall
2049 Malott Hall
(no food or drinks)
Forums convened by:
The Office of Research, Graduate Studies and Public Service and the Kansas EPSCoR Faculty Task Force The K*STAR NSF EPSCoR Program (Kansas Science and Technology Advanced Research National Science Foundation Experimental Program to Stimulate Competitive Research)
Student Senate
Is now accepting applications for the two $900 Gordon L. Woods Leadership Scholarships
Applications are available at the
- Student Senate Office
- Office of Student Life
- Financial Aid Office Applications are due September 20th at 5 p.m.
KU
K-STATE
IOWA
UNL
4th Annual 1991 Jayhawk Fall Classic Soccer Tournament Sept.21&22
UNO
WSU
MU
OSU
Sept.21 KU vs. K-State 9:30 KU vs.Iowa 2:00 KU vs University of Nebraska-Lincoln 5:00
Sept.22 Semi-Finals & Finals Semi-Finals start at 9:00 Women's Final Sunday,11:00 Men's Final Sunday,1:00
All Games at Shenk Fields- 23rd and Iowa