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September 16, 1985 - Image 3

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Publication:
The Michigan Daily, 1985-09-16

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The Michigan Daily - Monday, September 16, 1985- Page 3

i

BUSINESS

4

Retail sales increase
WASHINGTON (AP)-The U.S. economy showed
renewed signs of life last month with the biggest increase
in retail sales since April and a modest gain in industrial
production, the government said Friday.
Even with the pickup in economic activity, the Labor
Department said inflation stayed under wraps as
wholesale prices took their steepest dive in 2/2 years.
THE TRIO of reports, coming after news last week that
unemployment in August had dipped to its lowest level in
more than five years, had President Reagan singing the
praises of the "miraculous powers of American enter-
prise."
In a statement read by Beryl Sprinkel, chairman of the
President's Council of Economic Advisors, Reagan said
the country stood ready to "unleash a decade of growth
and increase 10 million new jobs in the next four years.
But many private economists, while delighted with the
August reports, were not as certain that they offered con-
clusive proof that the economy was finally emerging form
its year-long slump.
"CERTAINLY AUGUST was a stellar month in terms
of the economy's performance, but it came after a terrible
month," said Allen Sinai, chief economist for Shearson
Lehman Brothers. "There isn't enough evidence yet to get
overly optimistic about the future."
The report on retail sales showed a 1.9 percent August
increase to a record $116.1 billion. The big gain, which
came after a tiny 0.2 percent July increase, was attributed
to a surge in auto sales, which rose 7.1 percent in August,
the biggest one-month increase in almost three years.
However, analysts said much of the demand for autos was
spurred by the cut-rate financing deals offered by U.S.
automakers. They said it was unlikely the huge increase
could be sustained in coming months.
BUT OTHER analysts said even without autos, retail
sales were up a solid 0.4 percent and they predicted that
consumer demand will grow even more in coming mon-
ths.
"We see a strong pattern in retail sales, not only for
autos, but across the board," said Michael Evans, head of
Evans Economics, a Washington forecasting firm. "We
look for an even bigger non-auto gain in September when
the back-to-school selling season starts."
Among the other economic news:
A The Labor Departmentsaid wholesale prices fell 0.3
percent in August. The decline, the fourth in the last 12

months, left wholesale prices rising at an annual rate of
just 0.8 percent so far this year. Falling food and fuel costs
were given the credit for the August drop.
" The Federal Reserve said industrial production rose
0.3 percent in August following no change at all in July.
The August increase equaled the strongest one-month
gain this year as the industrial side of the economy has
been pounded by foreign competition. In the past 12 mon-
ths, production has grown by only 1 percent, standing at
124.8 percent of its 1977 base at the end of August.
Sinai said it was "probably safe to say that the worst is
over" for the industrial sector but he added it was not yet
clear how strong of a rebound will occur.
" THE FEDERAL Home Loan Bank Board said rates
on fixed-rate mortgages rose slightly in August to 12.62
percent, but still remained well below levels earlier in the
year. Adjustable rate mortgages continued to decline to
10.6 percent, the bank board said.
" The Mortgage Bankers Association said a survey
found that the number of American behind by 60 days or
more on their mortgage payments dropped to 1.83 percent
in the April-June quarter, the lowest level in a year.
The spate of economic news left Wall Street remarkably
unimpressed as stock prices posted broad-based declines
for a fourth straight day. Analysts say the new reports
were not easing investor worries about the sluggist
economy.
BUT SPRINKEL, briefing reporters at the White
House, said he viewed the newrstatistics as "more and
more supportive of our expectations of renewed economic
strength during the second half of the year."
The administration is predicting growth in the final six
months of this year at an annual rate of almost 5 percent,
far above the weak 1.1 percent rate turned in during the
first half.
However, many private economists believe the growth
rate will not rebound to above 2.5 percent to 3 percent in
the second half of the year as U.S. industry continues to be
held back by a trade deficit expected to reach $150 billion
this year.
THE COMMERCE Department said that retail sales,
while spurred primarily by auto demand, were up in a
variety of areas.
Department store sales rose a strong 3.3 percent while
specialty clothing stores, gasoline stations and drug
stores posted smaller gains.
Sales were unchanged at building supplies stores
following a large 3.4 percent July gain.

Career Planning &
Placement
Recruiting Schedule
The following employers and
representatives from
graduate/professional schools
will be on campus to conduct in-
terviews. The following is the
schedule for the next three
weeks.
September 26
Loyola University of Chicago
September 30 and October 1
Inmont
October 2
National Starch & Chemical Com-
pany
October 3
Arby's Inc.
Limited Express
Contact the Career Planning
& Placement Office for more
information.

PUT uS To THE
TEST

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* fuU8tm atrilscoaisatla tl
*y Research location~s-
" 1.0W H ouryCs ooe
" TraferriCV~tigtg

Daily Photo by ANDI SCHREIBER
A mime from the Mime Troupe clowns around Friday at Festifall on the
Diag.

Bishops fight s
WASHINGTON (AP) - A leader of U.S. Roman
Catholic bishops said yesterday that new emphasis on the
teaching of sexual morality is "urgently needed" to fight
off the impact of the sexual revolution.
"Cultural factors" from outside the church "account for
many recent problems in Catholic life in the United
States, as in many other countries," Bishop James
Malone, president of the National Conference of Catholic
Bishops, said in a statement.
AMONG THESE factors are exaggerated in-
dividualism, the culturally conditioned disinclination of
many persons to make permanent commitments, the
breakdown of marriage and family life, the sexual
revolution and; exaggerated secular feminism,", he con-
tinued.
Thus, Malone said, matters needing special educational
emphasis must include "moral doctrine and moral issues:
for example, conscience formation, the role of conscience
(and) sexual morality - urgently needed to counteract
the impact of the sexual revolution on Catholics."
Malone's comments on sex and morality were included
in a lengthy statement submitted to Vatican officials in

?xual revolution
preparation for next winter's worldwide gathering of
bishops in Rome on the subject of the historic 1962-65
Second Vatican Council.
THE AMERICAN church leader, a strong supporter of
the council known as Vatican II, was trying to make a
point that outside forces had led to problems since the
mid-1960s, not liberalizing church changes set in motion
by the council.
Conservative Roman Catholics have criticized some of
those changes, such as switching the language of the
liturgical Mass from Latin to English, altering other part
of the Mass format and giving church members more say
in local decisions and bigger roles in the Sunday liturgy.
Such moves have sometimes tended to weaken
traditional Catholic understanding of church authority on
all issues, some have contended.
MALONE acknowledged that confusion over moral
issues has been "a recurring reality since Vatican II in the
U.S. as elsewhere." And he added that such confusion has
included questions about "the church's teaching authority
with regard to morality, and the limits of dissent."

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'M' ruggers rub for

(Continued from Page 1)
"You're tickling me," she said,
giggling.
"Feel this," he said, putting some
extra muscle in the back rub.
"Ahhh," she sighed. He had hit the
spot.
"Heaven, heaven," Perpich said.
"Tomorrow morning you'll wake up

and you'll feel like a bowl of Jell-O."
Perpich, who's friendly fingers
were "trained in a clinic in Sweden,"
considered himself a master
massager.
"I START AT THE NECK and work
down the blades and the lower back,"
he said. "You need a lot of thumb
work, a lot of wrist and a lot of

HAPPENI NGS
Highlight
Michael Shabazian, president of Computerland Corporation will ad-
dress the topic of "Future Trends in the Microcomputer Industry." The
speech will begin at 4:15 p.m. in Hale Auditorium, located in the Assem-
bly Hall Building. The event is being sponsored by the Marketing Club
and the Entrepreneur Club.
Films
MTF -1984, 7:30 & 9:30 p.m., Michigan Theater.
Speakers
Near Eastern & North African Studies - Anthony Sullivan, "Israel &
the Palestinians, 1985 An Update," noon, Lane Hall Commons Room.
Studies in Religion - Harvey Cox, "Jesus & the Moral Life," 8 p.m.,
MLB3.
Meetings
Society for Creative Anachronism -7 p.m., East Quad.
Miscellaneous
A-Squares - Square dance lessons, 7 p.m., Union.
Michigan Botanical Club - Seminar, Charles Jenkins, "The Saturday
Morning Gardner," 7:45 p.m., Matthaei Botanical Gardens, 1800 Dixboro
Rd.
Performance Network - Open auditions, 7 p.m., 408 E. Washington St.

big bucks
strength in the hands. Constant con-
tact.
Sounds pretty intimate. Wonder if
any of the massagers ever form
relationships in this annual event?
"Oh yeah," said Perpich. "We call
those 'Hugger Ruggers."'
THE RUGBY CLUB wasn't ac-
tually selling massages, but giving a
complementary rub, and a free pass
to Rick's American Cafe, to anyone
who bought a "Michigan Rugby: No
Pain" button.
"No pain," boasted Perpich.
"That's out motto. We feel no pain in
rugby. Our pain threshold is nill.
"Only sick, warped, and demented
individuals play rugby," he said.
Perpich massaged the woman's
fingers and temples before she got up
to leave.
"It was a very good massage," she
said. "But I've got to go to happy
hour."
Perpich had that Groucho look
again. He was searching for
massagee number 31. "Next!" he said.

46%1 Y of

The School of Education will be interviewing students by phone to
call alumni nationwide for an alumni fundraising phonathon.

" Phonathon held Sunday through'
October 6 through November 7
* Callers will be expected to work
week with some opportunity for

Thursday evenings
two of the five nights each
additional hours

STUDENT PHONATHON
CALLERS WANTED
Part Time Employment
Nights

" $4.00 per hour, nightly incentives, occasional snacks
Call for an interview between 10:00 a.m. and 4:30 p.m. Tuesday,
September 17 through Friday, September 20
CALL 7634288
The University of Michigan is a Non-Discriminatory, Affirmative Action Employer

Jobe £4Iiwn tt19atijg
GET IT FREE!
At these locations:

Dormitories
Mary Markley
Couzens
Alice Lloyd

Dormitories
(Continued)
Bursley
Baits I
Daitc' TT

Central Campus
Angell Hall
Mason Hall
Fishbowl

Central Campus
(Continued)
Michigan Union
Michigan League

i

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