This Day In 1970's History: Friday February 3, 1978
- Unemployment declined slightly in January, confirming, government officials said, that the sharp drop in joblessness announced at the end of 1977 was no mirage. The December rate fell to 6.4 percent from 6.7 percent in November. The Bureau of Labor Statistics reported that the jobless rate in January was 6.3 percent. The percentage figure means that 6.2 million Americans are unemployed. [New York Times]
- Domestic car sales fell 7.1 percent in the last 10-day sales period in January from those of a year ago, the four major American manufacturers said. Except for Ford, the companies reported a decline in sales for the eighth consecutive period. [New York Times]
- Tokyo faces bankruptcy and a financial takeover by the central government in negotiations similar to those that followed New York City's financial crisis. Tokyo and central government officials have begun talks on necessary spending cutbacks and a proposed new bond issue to help cover the city's $979 million deficit. [New York Times]
- Suspension of the Chicago Daily News on March 4 was announced by Marshall Field, its publisher. However, he indicated that the 102-year-old paper might be saved through talks with unions, in an attempt to cut the paper's large losses. A total loss of $21.7 million since Sept. 30, 1974, was cited by Mr. Field. [New York Times]
- Time Inc. is buying the Washington Star for $20 million from Joe Allbritton, a Texas millionaire who acquired the 125-year-old paper and its allied radio and television stations four years ago. The purchase agreement, announced by Time, involves only the Star, which is Washington's only evening newspaper. Mr. Allbritton will remain as the Star's publisher for at least five years under the purchase agreement. [New York Times]
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