CBS Evening News - 1975-07-03
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Read a transcript preview of “CBS Evening News - 1975-07-03” from malgent, uploaded on 2025-05-01.
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Language: English (YouTube automatic captions)
[0:04] This is the CBS Evening News with Roger
[0:07] Mud substituting for Walter Kronite.
[0:10] Good evening. The federal government
[0:12] said today that both wholesale prices
[0:14] and the nation's jobless rate dropped in
[0:16] June, but it warned that last month's
[0:18] drop from 9.2 to 8.6% unemployment was
[0:22] misleading because seasonal adjustments
[0:24] had overestimated the number of young
[0:26] people entering the labor market. More
[0:28] on that from George Herman.
[0:30] Julius Schiskin, the commissioner of
[0:32] labor statistics, is the man who devised
[0:34] the seasonal adjustment he now says is
[0:36] in error. And he's the government's top
[0:38] expert on what unemployment is really
[0:40] doing. No one should celebrate the low
[0:43] unemployment figure in June until he
[0:45] sees the July and August figures.
[0:48] Perhaps the most accurate statement that
[0:49] can be made today is that the
[0:52] unemployment rate appears to have held
[0:54] steady at roughly 8.9 or 8.8. 8 or 8.9%
[0:59] during the past few months. Shiskin said
[1:02] total employment which rose in May held
[1:04] steady in June and he added that other
[1:06] technical labor figures which usually
[1:08] predict trends also rose in May and rose
[1:11] again or held their ground in June. He
[1:14] concludes that the recession has hit
[1:16] bottom and for the moment is staying
[1:17] there. One other indicator, the number
[1:19] of discouraged workers who've given up
[1:21] looking for a job rose sharply early
[1:24] this year, but in the past 3 months rose
[1:26] only minimally from 1.1 to 1.2 million.
[1:30] The wholesale price index, which
[1:31] measures prices of goods sold in large
[1:33] quantities by their producers, resumed
[1:35] the decline