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Friday February 6, 1981
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This Day In 1970's History: Friday February 6, 1981
  • A worldwide oil glut may be coming, according to Western governments and international oil companies who say that by summer more oil may be available to consumers than they need. The growing supplies are putting pressure on some OPEC producers to cut back the surcharges they have added to their official oil prices. [New York Times]

  • Employment increased last month, keeping the jobless rate at 7.4 percent, unchanged from December, according to the Labor Department's monthly labor survey, which indicated that the economy was surprisingly strong despite continued very high interest rates. [New York Times]

  • President Reagan's 70th birthday was celebrated with a surprise party in the East Room of the White House with many of his Hollywood friends, including Frank Sinatra and James Stewart, in attendance. [New York Times]

  • Some liberal economists found fault with the economic premises of President Reagan's speech Thursday on the economy, described by the President as a comprehensive audit of economic conditions. The critical economists said that key economic statistics were misused and that the extent of the difficulties was overstated. [New York Times]

  • Reagan supporters plan a campaign to put public pressure on Congress to approve Mr. Reagan's economic recovery program. It is being organized by about 500 of his supporters, who met in Washington. The group includes the President's "kitchen cabinet," an informal advisory group that includes some wealthy Californians who are Mr. Reagan's close friends. Charles Wick, the principal organizer, denied that it was a "pressure group." [New York Times]
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