CBS Evening News - 1974-10-04
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Read a transcript preview of “CBS Evening News - 1974-10-04” from malgent, uploaded on 2023-07-04.
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Language: English (original, YouTube automatic captions)
[0:02] From CBS News headquarters in New York,
[0:05] this is the CBS Evening News with Walter
[0:08] Cronkite. And in Washington, Neil
[0:11] Strawser, Bob Schieffer, Mariah
[0:13] McLaughlin, Daniel Schorr, David
[0:16] Henderson in New York, New Jersey,
[0:18] Foster Davis in Long Beach, California,
[0:21] Morton Dean in New York, Frank Manitzas
[0:23] in Lima, Peru, and Charles Kuralt on the
[0:26] road tonight in Alaska.
[0:29] Good evening. It was if you would fired
[0:32] every working person in Dallas, Texas,
[0:35] and then some. Nationwide, 440,000
[0:38] persons joined the unemployed last
[0:40] month, according to today's labor
[0:42] statistics. The September jobless rate
[0:45] was 5.8%
[0:47] a 1-month increase of 4/10 of a percent.
[0:50] Neil Strawser reports. The big jump
[0:52] clearly reflected a stagnating economy
[0:54] and production cutbacks. Layoffs
[0:56] accounted for over half the 440,000 new
[0:59] names on the jobless rolls. On a
[1:01] seasonal basis, unemployment in the
[1:02] construction industry reached a 4-year
[1:04] high. Not so clear is the reason for a
[1:07] decline in college attendance by young
[1:09] men, which helped push teenage
[1:11] unemployment to 16.7%
[1:13] a depression level, according to Senator
[1:15] William Proxmire, who opened a hearing
[1:17] on the figures by calling them bad news.
[1:20] Senator Humphrey agreed.
[1:23] We are in a serious recession.
[1:26] And I think we're dangerously close, and
[1:28] I've never said this before, but
[1:29] dangerously close
[1:31] to a depression.
[1:33] I think the term that other economists
[1:35] have been applying to this period is
[1:37] still more appropriate, namely the term
[1:39] stagflation, which to me means sluggish
[1:41] growth
[1:43] and rapid price rate increases.