Annual Report of the Secretary of the Treasury on the State of the Finances

Excerpt from Annual Report of the Secretary of the Treasury on the State of the Finances: For the Fiscal Year Ended June 30, 1975 Unfortunately, the recession caused the rate Of unemployment to rise very sharply in late 197 4 and early 197 5. The peak level of unem ployment of percent was recorded in April. By June 1975, the total unemployment rate had declined to percent. The level of employ ment did begin to rise in April and the number Of hours worked in manufacturing and overtime hours had improved by the end of fiscal 1975. Unemployment assistance - totaling nearly $15 billion during fiscal 197 5 and budgeted close to $20 billion in fiscal 1976 - tempered the severity of the adjustment. Nevertheless, the recession imposed heavy costs, and very high rates of unemployment among younger people and minority groups were a source of concern. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.