CBS Evening News - 1989-01-13
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Read a transcript preview of “CBS Evening News - 1989-01-13” from malgent, uploaded on 2026-02-22.
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Language: English (original, YouTube automatic captions)
[0:04] This is the CBS Evening News. Dan Rather
[0:07] reporting. Good evening. A couple of
[0:09] late reports on the Reagan economy today
[0:11] sent up warning flags for the incoming
[0:13] Bush administration. The government said
[0:15] that retail sales in 1988 rose at the
[0:18] sharpest rate in four years. And another
[0:21] report indicated you, the consumer, may
[0:24] be paying more for what you buy this
[0:26] year. Richard Slesinger reports.
[0:29] Figures released today sparked a debate
[0:31] over whether the economy is in danger of
[0:34] overheating. The retail sales figures
[0:36] for 1988 showed consumer spending
[0:39] increased faster last year than any year
[0:42] since 1984.
[0:44] $1.61 trillion went into retail cash
[0:48] registers, up nearly 7% over the
[0:51] previous year.
[0:52] Economic growth is perhaps too strong at
[0:55] the present time for putting more and
[0:57] more pressure on labor and on productive
[0:59] capacity and inevitably that means
[1:01] higher inflation in 1989.
[1:05] >> Some private sector economists like
[1:07] Jones fear inflation will rise quickly
[1:09] because the producer price index also
[1:12] released today shows wholesale prices
[1:14] increased 4% last year. When wholesale
[1:17] prices rise, that means consumers
[1:19] eventually pay more for goods and
[1:22] inflation goes up.
[1:23] >> There is a little bit of evidence that
[1:26] inflation might be picking up slightly,
[1:28] but I would emphasize uh only slightly.
[1:31] >> Wholesale prices rose across the board
[1:33] in December. Tobacco, women's clothes,
[1:36] household appliances, and cars among
[1:38] other products all up. Some economists
[1:41] believe the wholesale price figures
[1:43] released today could mean inflation this
[1:45] year