DailyTimeCapsule brief
July 7, 1979
On July 7, 1979, the United States celebrated a notable decline in the jobless rate, which fell to 5.6%, the lowest level since the summer of 1974. This improvement in employment was attributed to various economic policies implemented during the preceding years, reflecting a post-recession recovery that was gaining traction. During this period, the American economy was still navigating the aftermath of the 1973 oil crisis and grappling with inflation. In the cultural arena, debates were heating up regarding the implications of satellite technology on cable television, signaling changes in how media would be consumed in the coming decades. The cityscapes of America were evolving, showcasing a blend of traditional values and the burgeoning influence of technology on daily life.
Key developments
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In June, the U.S. Labor Department reported a decrease in the unemployment rate to 5.6%, the lowest level since the summer of 1974. This drop was accompanied by an increase in the number of jobholders, which rose to 96,754,000, marking an increase of 440,000 from the previous month. Despite optimism from Carter Administration officials, factory employment saw a decline, with 100,000 jobs lost in the manufacturing sector.
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In a significant development in the broadcasting industry, KTTV, a renowned superstation based in Los Angeles, has requested the FCC to reevaluate a regulatory rule that allows ASN Inc to distribute the station's transmissions to various cable systems. The request raises important questions about the ownership and control of broadcasting rights as the industry evolves with satellite technology. Thomas J Dougherty, associate general counsel for KTTV's parent company Metromedia Inc, has indicated that this situation might set a precedent affecting future satellite and cable agreements.
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In a competitive environment, 166 bus companies are vying for contracts to operate 740 school-bus routes across New York City. The bids for these contracts are projected to rise by 3.7% compared to those submitted earlier in February, reflecting the increased costs associated with labor, fuel, and various operational expenses. This surge in bidding highlights the challenges faced by transportation providers in maintaining affordable service amidst rising financial pressures.
