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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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051589
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05158900.016
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1990-09-22
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BUSINESS, Page 59Business NotesJOBLESSNESSThe Party May Be Over
In the clearest signal yet that the U.S. economy may be heading
into the doldrums after a 6 1/2-year expansion, the Government
reported last week that the unemployment rate jumped to 5.3% in
April, up from 5% the previous month. The hefty increase reflected
a surge of 395,000 people into the labor force as the number of
jobs fell by 23,000.
Wall Street gave the report a mixed reception as economists
debated whether the figures foreshadowed merely sluggish growth or
a genuine recession. Bullish investors initially set off a rally
Friday on the assumption that inflation might no longer be a danger
and the Federal Reserve Board would soon allow interest rates to
fall. But fear of a slump took hold later in the day, sending the
Dow Jones Industrial Average to 2381.96 at the closing bell, down
2.94 points for the day and 36.84 for the week.