This Day In 1970's History: Wednesday January 11, 1978
- Unemployment dropped sharply in December to the lowest level in three years. The rate of 6.4 percent followed a revised November figure of 6.7 percent and was marked by a surge in hiring that added 409,000 persons to the job rolls in December. That brought the 1977 employment gain to 4.1 million workers, the biggest yearly increase since World War II. Cheered by the new figures, officials predicted an unemployment rate of around 6 percent by the end of 1978. [New York Times]
- A new department of education with full cabinet status has reportedly won the backing of President Carter. Administration officials said he plans to announce his support by the end of next week. Mr. Carter reportedly wants the new department to take over education activities now in the Department of Health, Education and Welfare as well as those elsewhere in the government. [New York Times]
- A new effort to curb inflation is being planned by the Carter administration, which reportedly hopes to develop a program of wage and price restraints that it depicts as something between moral suasion and controls. Administration officials say the program would emphasize a statement of general principles aimed at keeping wage increases in line with gains in productivity and limiting price rises to no more than extra costs. [New York Times]
- Stock prices dropped again, with the Dow Jones Industrial Average posting its second straight 33-month low. This time the loss was 5.63 points to 775.90, and again the decline was attributed to concerns over the sagging dollar. The Dow has now declined in all seven 1978 trading sessions, dropping more than 55 points in all and marking one of the worst early-year performances on record. [New York Times]
- The "big push" on the big ditch began in earnest as Secretary of State Cyrus Vance started a cross-country tour to drum up support for Senate ratification of the Panama Canal treaties, What his aides called "the big push, the January offensive," began with a stop in Charleston, West Va. [New York Times]
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