Unempbyment Rate up to 10.4 Percent Y
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Clearing tonight; Manchester, Conn. sunny Saturday Friday, Nov. 5. 1982 — See page 2 25 Cents Unempbyment rate Unemployment Rate Ghrysler ia 4 % • Adult Men: 11.6 MILUON 9.8% furloughs JOBLKSS UP 0.2% In October •Adult Women: 8.8% up to 10.4 percent UP 0.3% •WMtes: 9.3% set in U.S. 5 UP 0.3% By Drew Von Bergen tion for economic recovery that will remained at a record 20.2 percent United Press International • Blacks: alleviate joblessness. rate. 20.2 % WASHINGTON - Unemployment Speakes told reporters Reagan Joblessness in the construction in unchang»d TORONTO (UPI) - Chrysler Canada’s 10,000 workers jumped to a new post-Depression believes that unemployment can not dustry continued to rise, increasing • Hlapanics: went on strike in three Ontario centers today and the high of 10.4 percent in October, the be solved without attacking high slightly to 23 percent. tS.2% struggling U.S automaker said it will begin layoffs in the government reported today, with taxes, high interest rates and high UP 0.8% United States next week in anticipation of a lengthy and 290.000 more workers added to the spending. The seasonally adjusted 10.4 per costly walkout.’ •Taenegers: Both the company and the union said workers walked jobless rolls during the month. “We believe this will bring results cent rate, reflected an overthe- 24.0% It was the second consecutive in the near future,” Speakes said, month increase of 0.3 percentage UP 0.3% off the job at 9:55 a.m. EST at plants in Windsor. Toron but would not say when. points, and is the highest since 1940, to and Ajax in a pay dispute that threatens to cause month in which the rate climbed • Black three-tenths of a percentage point AFL-CIO spokesman Murray when the annual average rate was Chrysler’s downfall. Teanagers: Chrysler immediately responded by announcing it will and marked the worst unemploy .Seeger said the 10.4 percent rate 14,6 percent. 48.7% ment situation in the United States ''reinforces our belief that the DOWN 1.8% begin laying off workers in the United States on Monday recession continues and that we The all-time high was 24,9 percent in an attempt to blunt the impact of what was expected in 42 years. in 1933, during the heart of the Great have yet to see the peak of un 7 - to be a long and costly strike. The number of persons ofitcially Depression, out of a job in October rose to 11.6 employment.” “This strike will have a swift and devastating affect million, the Bureau of Labor “ Looking ahead, the projections Bureau Commissioner Janet DIJ FMAMJJASO on the company, our employees and their families, and Statistics said, while total employr of business spending for capital im Norwood, in remarks prepared for a the communities they live in,” Chrysler chief negotiator ment declined during the month by provement, the small number of congressional Joint Economic Com Wiliiam Fisher said shortly after the walkout began. 630.000 to 99.1 million. future orders, and other advance mittee hearing, said “the employ Fisher said the Canadian strike would lead to White House spokesman Larry (economic) indicators offer little ment situation deteriorated The nation's unemployment rate soared to a staggered shutdowns of some U.S. plants that supply the Speakes said President Reagan "is hope for a turnaround in the further” during the month, noting new post-Depression high of 10.4 percent — Canadian operations and other facilities which use sympathetic and concerned about economy,” Seeger said. that because of a turnover in jobs, three-tenths of a percentage point — In Oc Canadian-produced supplies. The unemployment increase oc nearly 4 million people who were un “The parent company will be affected as early as the Wficulties of those who are un tober, the Labor Department reported today, curred in all categories except for employed in October were not .Monday morning,” he said. “ Some of the feeder plants employed,” but reiterated that the with 11.6 million Americans out of work. administration has laid the founda black workers. That category jobless in September, in the U.S. will be shut down starting Monday.” The Ug meiiiliol lasie rhe strike by 10,(XX) workers became inevitable N Wednesday when personal intervention by Chrysler Corp. Chairman Lee lacocca failed to sway the United Auto Workers of Canada to back off on demands for from higher pay. “We are, of course, available to resume negotiations Stoc k. m ar ke t set s at any time,” Canadian UAW Director Robert White Hariboro Gomlrji said. “There is no schedule for resuming negotiations. I’leaHe lu rn lo page 10 Prices drop, NEW YORK STOCK EXCHANGE Investing risk RECORD VOLUME M gel a hM to Gke. then move up for gamblers Destination: By Raymond T. DeMeo Herald Reporter Y By Frank w; Slusser UPl Business Writer What's happening to the stock market? Will the bull market turn NEW YORK (UPI) - Stock prices Leningrad bearish? Is now the time to buy dropped at the outset then moved stocks? Will the Fed lower the dis upward today as Wall Street paused count rate? By Paul Hendrie to assess two sessions that smashed If investment analysts had volume records and sent the Dbw answers to these questions, putting Herald Reporter Marll Jones industrial average to an all- your money in the stock market Thirty-five Manchester residents will be among a time high. would be less risky . and less There was little immediate in group of Americans leaving this evening for a 12-day potentially profitable. “Friendship Force” trip to the Soviet Union. vestor reaction to the Labor Because they don't, buying stocks Department's report that the Oc The "Friendship Force.” is a foundation, the inspira is a gambler's game. Yet with tion of former President Jimmy Carter, which sponsors tober jobless rate shot up to a post returns declining on bonds and depression high of 10.4 percent. The exchanges between private Citizens from different coun money market funds, increasingly tries. The New England Coordinator is Manchester report had been anticipated and is larger numbers of investors have expected to cause interest rates to Deputy Mayor Barbara B. lyeinberg. She will make the determined that the gamble is trip. move lower. worthwhile. The Dow Jones industrial The contingent visiting Moscow and Leningrad will in “We can't believe the volume of clude people from all walks of life, including a group of average, which dropped 3 points at trading here . , it's been tremen the outset after falling 15.27 eight Manchester High School students, led by teacher dously hectic,” says Marci Negro of William Brindamour. The students will write a term Thursday, was ahead 1.20 to 1,051.42 Manchester, operations m ^ g er at at 10:30 a.m. EDT. It soared a paper about their trip and will receive credit for it. 149,380,000 Dean Witter Reynolds Inc, of Hart Among those also traveling to the U.S.S.R. will be record 43.41 points Wednesday to an ford. all-time high of 1,065.49. former state Economic Development Commissioner Yet area investment analysts Edward J. Stockton. Several analysts said profittaking report that most of their business is was not surprising since the closely A Manchester Herald editor and reporter also will be coming from institutional,investors. making the trip and reporting on it. followed average, which Wednesday The man on tlie street, they say, is eclipsed its old peak of 1,051.70 set The group is flying out of New York tonight. Members still wary of the stock market. will spend two days of orientation in Helsinki, Finland. on Jan. 11, 1973, had risen 73 points Individual investors — the kind of early this week and nearly 290 points Then they will fly to Moscow, where they will spend five people with a few thousand, not a days. since mid-August. few million, to invest—are still sold Declines M advances by a 21 While in Moscow, the Friendship Force“ Am on money funds and other interest- bassadors” will visit the Kremlin,- the Bolshoi Theater' margin and volume in the fii^t 30 oriented investments, says an East minutes amounted to about 14.88 and other historic sights. They will be encouraged to Hartford account executive with a meet ordinary people and, when possible, sanqple the million shards. major national brokerage firm. Un Thursday's New York Stock typical lifestyle of the Russian people. til recently, these have provided The group then will travel by train to Leningrad for Exchange volume climbed to a Thinking about ^buying stocks? higher returns than stock in I i record 149,350,000 shares from 137,- four days. While there, they will visit the Hermitage and vestments, with greater safety. a collective farm outside the city. 010,000 traded Wednesday, topping But big investors can't afford to the old mark of 147,061,070 traded Review investment goals first This trip is one in a series to the Soviet Union planned 5 leave their cash in money funds this year by the Friendship Force. The goal, Mrs. Oct. 7. when the stock market is hot. “This was a normal retreat since Weinberg said, is to establish a link with ordinary peo “ They've got to put their money ple, with the hope it might improve relations between the Dow had gained 73.77 points in Thinking about buying stocks? buy for the future. They base their where the action is,” the East Hart the previous three sessions,” said Before you make an appointment optimism on the assumption that the two countries.