European Stars and Stripes (Newspaper) - April 11, 1991, Darmstadt, Hesse                                Thursday april 11, 1991. The stars and stripes b Page 17money matters today s tip More mid size . Companies May be turning to automation in the future because of a perceived decline in the american workers competence according to a Survey of top executives. The Survey conducted for the american business conference found 41 percent of business executives think worker competence has declined in the past decade. Last year Only 34 percent of the business Community had the same opinion. Three of four business leaders who think worker compel tence is declining said their companies would rely on automation More in the future. Conversion rates London up wednesdays rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $363.50 an ounce Silver at $4.02. Quot. Panl 9 april 10 British Pound .,.1.7908 1.7785 German mark.1.6765 1.6785 French franc. .568.20 563.55 dutch guilder.,.,. 1.89 1.8810 belgian franc .34.50534.25 italian lira. 1,246 25 1,236 50 Swiss franc .1.4100 1.4165 greek drachma. .182.35 181.30 turkish lira.3,738.50 3738.50 saudi arabian Riyal. .37504 3,7504 Spanish peseta. .,.103.58 103.09 portuguese escudo. 146.70 145.95 Canadian Dollar. .1.1530 1,1520 austrian schilling.�?z.11.82 11.7-5 norwegian Krone .6.5510. 6.4980 danish Krone. 6.44656.3975 these Are unofficial rates As reported by wire service and banking sources and they Are listed to give some idea of daily currency fluctuations. The Only official rate concerns the Sale of German Marks to u a personnel for personal use and this will be 1.63 thursday based on wednesdays noontime Price fixing. New York Exchange new York up York Stock Exchange Stock Saatchi Saatchi Safeway inc funds american us amp a corp Pepsico inc Philip Morris Glaxo holdings get corp Citicorp. Amer express Delta air lines Boeing co ism corp Exxon corp adv Micro orcs the 15 most Active stocks in new composite trading on tuesday. Sales 5.429.700 4.025.500 2.710.500 2.654.900 2.452.700 2,155,100 1,982,800 1,723,900. 1,707,000 1,564,300 1.553.500 .1,376,100 1.348.900 1.281.700 1,262,200 last 1 j 20 a 63 ii a 32% 68 /4 38% 33 15% 27 %. 69 % 47 % Iii a 57 11 % net chg. Off % off 1 % unch up 1 % off % off a a off 1 a up Vuk Ott off off off 1 % off 1 % off % off % american Exchange new York up a the 10 most Active stocks in american Stock Exchange composite trading tuesday. Stock sales last net chg. Fruit of loom 1,633,900 Echo Bay mines 671,600 National Patent 382,800 Weatherford inc 339.800 Iva corp 326,100 Forest labs inc 318,800 Salomon Phi Bro 271,100 epitome inc 229,400 Americus get so 228,900 Western digital 221,600 15 9% 4% 5% 21 37% 3% 18 11 % 5 up % up % off %. Off % a off % off % off % off 1 % up % unch Dow Jones new York up a Dow Jones closing Range of averages tuesday. High Low close change 30 industrials 2932.43 2863.37 2873.02 off 45.54 1127.64 1107.90 1111 60 of i 64 213 72 214.47 off 1.70 1022.08 1025 54 off 13.32 20 transports 15 utilities 65 stocks 216.05 1042.66u.s. Jobless rates May climb even after recession ceases by Sylvia Nasar. The new York times last months surge in unemployment made a lot of people wonder How the recce Sion can. Wind Down As Long As workers Are losing jobs. In fact layoffs and unemployment typically keep climbing Long after spending starts to  what surprises people is that every thing does no to happen simultaneously a said Michael j. Boskin chairman of the presidents Council of economic advisers. No one can say for sure a recovery will arrive Between memorial Day and labor Day. The pattern of past recessions strongly suggests the transition from economic contraction to expansion takes months and progresses in fits and starts. A recessions Are More predictable than expansions a said Bruce Steinberg an economist at Merrill Lynch capital markets. If the typical pattern persists the Economy will shed jobs right up until the recovery starts. What is More unemployment will keep rising for several months after the recession ends. Not Only will business bolster production at first by extending overtime and raising productivity but More people will flood into the labor Market As it gets More Likely that  be Able to find  could get another month of decline in payrolls of 200,000 or 250,000, As in March a said Stephen Roach a Morgan Stanley economist who expects growth to resume this summer. A after that you a expect the declines to taper off to 100,000 to 150,000.�?� some analysts also believe that unemployment now at 6.8 percent will Rise above 7 percent before leveling off. Here is How past recessions have ended first the forces that toppled the Economy dissipate. The Federal Reserve provides stimulus with More Money and lower interest rates. Investors and Consumers turn in Ore optimistic and after a while spend . Unemployment percent of work Force seasonally adjusted 7.0 �200,000 jobs a month in each of the last four months of the recession. Payrolls even dipped a bit in december 1982, the first month of the recover a. How do economists expect this recession to end a we be got some of the preconditions for a turnaround a Boskin  War is Over Oil prices Are Down and inflation is falling. With the Federal Reserve easing monetary policy the Money Supply is rapidly growing and both Short and Long term in Terest rates have fallen substantially from the Levels of the fall. Investors have turned 60 i ii ii ii ii a a a a a a a Quot a  a m j j a s o no j f m 1990 1991 mar. �?T90. Feb. �?T91 mar. 91 5.3% 11 6.5% 11 6.8% j bullish and Consumers spirits have rents already begun a said Steinberg. Vived. A the process i source . Dept of labor aping comes sporadically. _ business done to retire Laid off workers right away. Initially companies fill orders with goods that piled up during the slump. Then the layoffs Stop usually signalling the end of the recession. Consider the previous recession which lasted from january 1981 through november 1982. The Economy lost More than 300,000 jobs in july 1982 and roughly housing is almost always the first Seg i mint of the Economy to perk up. A the reason is that As mortgage rates conic Down housing becomes More affordable for Leopie who Haven to lost their jobs a Steinberg said. Now for example houses Are More affordable than they Nave been in 14 years according to the National association of realtors. A revival in Home buying typically spills Over to spending on everything from sinks to sofas As buyers Feather their new nests. At the same time Consumers who had postponed car purchases Start showing up again at dealers lots. A this will be consumer led not a business led recovery a said David w. Mullins the new vice chairman of the Federal Reserve. But it usually takes a while for the Economy to shift from recession to expansion and there Are potential setbacks. While consumer Confidence has rebounded strongly car sales edged up Only slightly in february and March. Bryon ctr slightly higher factory orders for consumer goods there is no sign yet of a broader revival of spending. Such a revival would not necessarily spell instant Relief from layoffs. A Clearing shelves of excess stocks can take months a Roach said. 21 firms Combine in Chip project involving computer workstations e new York a Twenty one com Uter hardware and software companies ave joined forces to adopt an advanced computer Chip for computer workstations. Among the members of the new group Are digital equipment corp., the worlds second largest computer maker and Compaq computer corp., the largest maker of ism compatible personal computers. The group also includes Microsoft corp., the worlds largest maker of personal computer software and a number of foreign companies among them japanese and european firms. A we think its probably the most dramatic thing to happen since the beginning of the pc Industry a Microsoft chairman Bill Gates said at a news conference called to by the Washington Post the biggest winners in the arms Market of the 1990s May be the japanese. In the last decade Japan has begun to reduce its purchases of . Arms a in 1988, they were Down 75 percent from their Peak a As the nation has developed a capability to Supply its own weaponry. While Law and tradition May keep Japan from exporting weapons systems they done to prevent Japan from Selling the announce the group. Digital chairman Ken Olsen praised the. Cooperation involved in forming the group. A to get this Many people to agree to one thing is a Miracle a he said. But one Industry observer said it was not a sure bet that the group could continue to work together. A this is great Hopes big ambitions a said Dick Shaffer who publishes the Trade publication compute letter. A a in a say the Odds Are against it.�?�, workstations Are desktop computers that Are More powerful and epic naive than pcs originally designed for scientific and engineering uses they Are finding More mainstream applications. The companies in the consortium called arms electronic components that make them work. Some of the weapons used by the United states in the persian Gulf contained japanese electronics. Japan is  version of the . F-16 under License from general dynamics corp. A these Days most weapons Are really just Metal wrapped around computer chips a explained Michael Klare author of a american arms supermarket and a the advanced computing environment a will standardize workstation hardware and software around microprocessors made by Mips computer systems inc. Of Sunnyvale Calif the group is viewed by some Industry observers As an Effort to counter the influence of several leaders in the workstation Field including Sun Micro systems inc. And Hewlett Packard co. It also appears to be an attempt to limit the influence of Intel corp., the maker of the microprocessors that act As the brains of most personal computers observers say. The computer Industry has a history of producing software that is written for one Brand but often wont work on another and of making computers that cannot easily be. Connected. Winner professor at Hampshire College. A a that a Why the Pacific rim countries will be an important  Stephen Daffron a former West Poi Ivl professor who is now an official with the new York mercantile Exchange is even More gloomy. A a at the component level the japanese will be death to . Suppliers and that a the part that will worry the Pentagon a he said