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January 11, 1980 - Image 5

Resource type:
Text
Publication:
The Michigan Daily, 1980-01-11

Disclaimer: Computer generated plain text may have errors. Read more about this.

Wholesale
prices rise
*12.5% for
1979

WASHINGTON (AP) - Wholesale
prices rose 0.8 per cent in December,
pushing last year's overall increase to
12.5 per cent, the steepest since 1974,
the Labor Department reported yester-
day.
Last month's boost was the smallest
since June, and wholesale food prices
actually dipped 0.1 per cent after rising
a sharp 2.6 per cent in November.
HOWEVER, that moderation was
called "temporary" by Courtenay
Slater, the Commerce Department's
chief economist.

For all of 1979, wholesale food prices
rose 7.5 per cent.
Wholesale, or producer, prices are
watched closely because increases of-
ten show up in higher prices at grocery
stores, service stations and other retail
outlets within a month or two.
CONSUMER PRICES are rising
faster than wholesale prices and should
exceed 13 per cent for 1979. That will be
the worst inflation rate since World
War II price controls were lifted in 1946.
Besides food, little else appeared in
December's wholesale price report to

The Michigan Daily-Friday, January 11, 1980-Page 5
offer relief to inflation-weary ent and heating oil prices remained at cent annual rate until April at the
Americans. lovember's very high level. For all of earliest."
Prices of non-food items that were1979, wholesale energy prices jumped He said it will take several months
one step removed from retail outlets62.7 per cent, the department reported. before December's OPEC price in-
jumped 1.2 per cent last month, after "We won't see very much im- creases work their way through the
climbing 0.8 per cent in November. provement in inflation this year," U.S. economy.
DECEMBER'S non-food increas Slater said. Recent oil price boosts by The drop in wholesale food prices was
was sparked by a 17.7 per cent advant OPEC members will put renewed led by poultry, beef and veal, the Labor
in precious metal jewelry, amid the u pressure on energy prices in coming Department said. Poultry prices, which
precedented worldwide rush for g( months, she said. rose 21.5 per cent in November,
and silver. The price of dinnerware a DAVID ERNST, senior economist at declined 0.1 per cent. Beef and veal
other metal-based household goods a the forecasting firm of Evans prices dropped 4.3 per cent after rising
rose, the Labor Department said. Economics said: "We don't look for six per cent in November.
Wholesale gasoline prices rose 3.4 wholesale prices to fail below a 12 per See PRICES, Page 6

~~ gGov't expnds aid to poor youths

WASHINGTON (AP) - Preont
Carter yesterday proposed a jor
overhaul and expansion of the ier-
nment's programs to put chroally
unemployed, poor youths to worl
For the first time, administr~n of-
ficials said, the government v con-
centrate on trying to see that ddvan-
taged young people who gradu from
high school or drop out can rerwrite,
and do simple math.
"This is our most importanmestic
legislative proposal this year aid one
administration official.
CARTER'S PROPOSAL N add $2
billion to the $4 billion the grnment
already spends on yor unem-
ployment.
Officials said the conceation on
basic literacy emerged fPz a nine-
month study of the youtpblessness
problem by a task forcander the
direction of Vice Presfnt Walter
Mondale.
Andadministration icial said
among the reasons for s emphasis
were the task force's fangs that 42
per cent of black teeners recently
surveyed were functioly illiterate
and that some firms hE to interview
from 12 to 15 young pee to find one

with enough command of reading,
writing, and arithmetic to fill a begin-
ner's job.
Education Department funds will
support basic literacy training in the
nation's 3,000 poorest junior and senior.
high schools.

In addition, the Education Depar-
tment will finance the hiring of job
counselors, development of information
on local labor market needs, teacher
training, vocational education, and
development of after-school, part-time
employment.

Bring in your art.
O 205 north main
Ann Arbor.Michigan
Ph. (313)769-9420
Mon. 10:00a.m. - 8:00 p.m. Tues. -Fri. 10:00a.m. - 5:30 p.m.
Sat. 10:00 a.m. -2:00 p.m.

STUDENTS ENROLLED in Human F'actors in Architectural Design were given a chance to put their expertise to
work in a real-life situaiton. Graphics illustrate the class' gymnasium designs to be built for inmates at Jackson
State Prison.

Student architects get real job

(continued from Pagel 1)
said from his office in Lansing yester-
day. "We don't get the funds as fast as
we'd like, especially since they (depar-
tment officials) cut the maintenance-
project budget in half."
GRONELEER SAID this is not the
first time the state's colleges and

universities have helped with projects
like that at Jackson State Prison.
Clipson's assistant, Ernest Moore,
said yesterday that he would like to see
students involved in more out-of-the-
classroom projects. He said similar
plans are under consideration, in-

Golddiggers striking

it rich with
(Continued from Page 1)
Consumers are also buying gold, but
are less likely to relinquish the $1,000
they might'have spent a year ago, ac-
cording to a jeweler at Bay's Arcade
Jewelry Shop.
"People are doing a lot of belt-
tightening," said Jeff Grimrod. "And a
lot of the people who lived off of stock
bonuses have found that such rewards
are not forthcoming-they are being
cut off."
BUT THERE ARE exceptions.
"People are cautious, but those that
have the money are spending it," Lewis
said,
In fact, most of the jewelry stores
have not seen a lull in profits.
"We buy and sell gold at the current
market price," said Lee Pickett, owner
of Campus Jewelers.
ALTHOUGH INCREASING prices
would seem to hinder sales, most
jewelers need not become exceedingly
orried, according to Pickett.
"People have become more aware of
the intrinsic value of the metal (gold).
With the continual coverage in
newspapers, the media is doing the ad-
vertising for us," he said.
Although few of the jewelry stores
change the price of their gold merchan-
dise as the rates increase, Godwin said
his prices reflect the minute-by-minute
fluctuations of the market and may
hange several i tems in one day.

nuggets
With an eye toward the future, most
jewelrs said gold may reach $1,000 an
ounce within the year.
"The entire situation depends on
what people do in the Middle East with
their petrol dollars," says Lewis. "The
laws of supply and demand hold. Like
gasoline, there's only so much gold."
And Godwin had this advice for
speculators: "Don't buy gold in order to
sell it for a profit. It may drop as
rapidly as it climbed. Instead, invest
money you don't need for expenses and
emergencies."
Your apartment
cramped?

cluding the design of a new burn center
to be built in Ann Arbor soon.
"Students seem to agree that projects
like these are more interesting," he
said. "At Jackson Statie Prison, that
whole environment was layed out right
before their eyes."
t
The DAILY'S
PHONE NUMBERS:
Billing 764-0550
Circulation 764-0558
Classifieds 764-0557
Display 764-0554
News & Happenings
764-0552
Sports 764-0562

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