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Unemployment and the Market

September 14, 1988

To the 226,000 of you who lost your jobs in August, a grateful salute! By raising the nation's unemployment rate to 5.6% (the military not counting), you have made a valuable, noble contribution in helping to check inflation and promoting a revival of the stock market.

Sadly, Vice President George Bush downplays your importance to the economy. He calls your joblessness "statistically almost irrelevant" and that "you have to look at these things broad-gauge" because others did get jobs in August. Doubtless his polls have already written you off as those who wouldn't vote for him anyway.

You textile workers: You made up the largest number of the 5,000 factory workers cut loose. Some economists don't appreciate what you've done either. They say you are in a low-paying industry and don't really matter, so it seems.

Now take that fellow Allen Sinai, an analyst at the Boston Co. There's a man who truly recognizes your significant contribution to our economic welfare. He says your being out of work is "a needed retrenchment in a tremendous economic growth spurt" and what you have accomplished should take pressure off the Fed (Federal Reserve) to do any more tightening before the election."

STANLEY SLOME

Granada Hills

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