Unemployment Rate Continues to Fall - June 1984

The Labor Department reported, June 1, that the unemployment rate had continued to fall in May, to 7.4 percent. The Federal Reserve Board reported, June 15, that industrial production advance 0.4 percent in May. The U.S. balance of payments of deficit for the first quarter, $19.41B, set a record, the Commerce Department reported, June 18. The department said, June 19, that housing starts fell 10.5 percent in May. The Labor Department reported, June 22, that the consumer price index edged upward 0.2 percent in May. The country's major banks, June 25, raised their prime interest rate from 12.5 percent to 13 percent, the highest level since October 1982. Pres. Reagan said he could see "no excuse" for the increase. During the last week in June, the U.S. dollar set or apporached record highs in relation to major foreign currencies. The index Leading Economic Indicators fell 0.1 percent in May, the Commerce Department said, June 29.

Chernenko Elected President of USSR - April 1984

Konstantin Chernenko, general secretary of the Communist Party of the Soviet Union, added another title, April 11. In a unanimous vote by the Supreme Soviet, Chernenko was named head of state. Officially the title was chairman of the Presidium of the Supreme Soviet. Chernenko thus followed as secretary, his two predecessors Leonid Brezhnev and Yuri Andropov, in adding the second honor. Mikhail Gorbachev, youngest member of the ruling Politburo at age 53, nominated Chernenko for the post, prompting some speculation that Gorbachev was in line to succeed the 72-year-old Chernenko.