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Friday February 1, 1974
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This Day In 1970's History: Friday February 1, 1974
  • President Nixon sent his report on the economy to Congress. The Labor Department announced that unemployment has risen considerably. The President's report hints at decontrol of wages and prices. Inflation, unemployment, and economic growth all look gloomy for '74.

    The nation's unemployment rate increased to 5.2% in January; the energy crisis was blamed. Unemployment in Los Angeles reached 6.8%. The plastics industry in Southern California has been hit hard by unemployment. Oil is needed for plastic production, so the energy squeeze has affected the employment picture. Car sales dropped 31% compared to last January. More unemployment is foreseen. [CBS]

  • The President and his economic advisers warned of price increases. Checks of grocery stores prove that such warnings are valid. A monthly survey of four cities confirmed that prices are up from 10 to 20 percent since last March, and a significant part of that increase has occurred just within the past month. [CBS]

  • The Cost of Living Council lifted price controls on major chain stores; other controls remained intact. [CBS]

  • Some oil companies announced increases in wholesale gasoline prices; heating oil prices are expected to rise also. Texaco maintained prices at the January level. [CBS]

  • Independent truckers went on strike; some violence occurred. Dozens of truckers stopped gasoline shipments to the Northeast. Many truckers complied with "requests" to shut off their trucks in an effort to avoid violence.

    Pennsylvania Governor Milton Shapp placed the National Guard on alert in his state. Truckers travelled in groups to ward off violence. The Teamsters union insisted that its truckers work, however the Steel Hauler's Association said truckers should strike. [CBS]
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