European Stars and Stripes (Newspaper) - November 30, 1993, Darmstadt, Hesse                                Page .1.6 the stars and Money matters tuesday november 30,1993 today s rates following arc fixed rates at which Community banking and credit Union facilities will sell for eign currencies to . Personnel for personal use German Mark 1.67 British Pound 1.52 dutch Guilder 1.87 greek drachma. 238.0114 Noto Tho rato8 above apply within Iho Host country. Flag Turoa am exp Fossoy in dollars to tha British Pound  to Tho Dollar hollowing arc Interbank rates that fluctuate and should be regarded As the approximate value of the . Dollar to foreign Curren cies italian mra 1,697 turkish lira 13,698.80 Spanish peseta. 139.91 portuguese escudo 175.60 austrian Schilling 12.0630 saudi Royal 3.75 Bahrain Dinar. 0.3767 kuwaiti Dinar 0.2985 norwegian Krone. 7.4465 danish Krone 6.7920 British Pound i. 1.4787 German Mark 1.716 Swiss franc 1.5012 French franc 5.9227 dutch Guilder 1.9260 belgian franc 36.40 Canadian Dollar 1.3286 Noto figures Are expressed in dollars to Tho British Pound other currencies to Tho Dollar Gold quota $370.70 an of co Silver quota $4.63 an ounce Home sales boosted by Low rates Washington up sales. Of existing . Homes Rose a Sec Ond consecutive month in october to their highest level in 14 years boosted by record Low mortgage rates a housing Trade association said monday. Sales of previously owned Home climbed 3.6 percent to a seasonally adjusted 4,080,000 units the National association of realtors said. That was the highest level since May 1979. Sales climbed 3.4 per cent in september. Robert Elrod president of the association attributed the increase last month to an improving econ omy coupled with dirt cheap Bor rowing costs. Buyers definitely Are still out there Elrod said. Sales simply Are not showing any signs of letting  housing has become More affordable As prices stay steady and Bor rowing costs keep falling. The average rate for a 30-year, fixed mortgage in october Vas 6.83 percent Down from september s 6.91 percent. The median Price for an existing single family Homo decreased 1.1 percent to $106,000 in october just 2.5 percent higher than a year earlier. However mortgage rates have since headed upward rising in no vember. In another report the association Tor manufacturing technology wid hat orders for .-made machine look a widely watched barometer of future Intuit jul activity Tell a percent in october following healthy Gams in the pie Vious month business economists 94 once Washington a the . Economy will grow next year at a modest Pace that will leave unemployment stuck just about where it is now some of the nation s top business forecasters said monday. The National association of business economists said investment spending by businesses and housing construction Shoul Djie the shining stars of a generally lacklustre Economy next year while the immediate prognosis for the Economy is favourable we remain concerned about the underlying strength of the recovery said William Dunk Lberg association president and Dean of the business school at Temple University in philadelphia.4 the group s panel of 43 forecasters said it expected the Economy to exhibit the same Stop and go pattern it has demonstrated since the recession ended in March 1991 with the Economy spurt ing Forward for a Quarter or two Only to be slowed by various forces it blamed the protracted period of lethargic growth on a variety of forces from cutbacks in the defense Industry and weakness in nonresidential construe Tion to continued layoffs by some of America s largest corporations. Th6 Side growth will help keep inflation Well under control and for that Rea son the association said it expects inter est rates to stay Low. The group made the following predictions. Economic growth the Overall while the immediate prognosis for the Economy is favourable we remain concerned about the underlying strength of the recovery William Dunkelburg. Association president i Economy As measured by the Gross do Mystic product will expand by 2.8 per cent in 1994, the same growth rate that the group is forecasting for this year. For 1992, the top grew by 2.6 percent after having fallen by 0.7 percent in the recession year of 1991for the current octo Ber dec Meir period the group predicted a significant pickup in growth to above 3 percent reflecting a rebound from last summer s floods and higher Auto production. Unemployment the unemployment rate will average .6.5 percent next year Only slightly improved from the cur rent 6.8 percent. Inflation consumer prices should Post modest gains of 2.9 percent for this year and 3.3 percent for 1994 As the weak Economy helps to keep a lid on wage and Price pressures. Prices were up 3.1 per cent in 1992. Trade the deficit in the current account which includes Trade in Merchan Dise and services should Rise from $96 billion last year to $110 billion this year and $124 billion in 1894. The increase was blamed on weak economies overseas that have reduced demand for american exports and a Rise in the value of the Dol Lar Over the past 18 months that makes . Products More expensive in Many foreign markets. Interest rates Short term inter est fates will gradually creep up As the Federal Reserve begins to tighten credit conditions next year in an Effort to stay ahead of any inflationary pressures. The yield on three month Treasury Bills was projected to  around 3 per cent currently to 3.6 percent by the end of 1994 and to 3.9 percent by september 1995. Long term interest rates which Are set by Market forces Are currently near 6 percent. They should remain Little changed Over the next year ending 1994 at 6.2 percent and then rising to 6.5 per cent by. September 1995. The  of business economists was asked to judge the employment prospects from the recently approved North Ameri can free Trade agreement with Canada and Mexico and the administration s health care initiative. The biggest group 48 percent saw Naftal increasing employment by up to 500,000 jobs Over the next few years. Nine percent forecast the gain would be even better than that 34 percent saw no significant change and 9 percent said . Employment would be reduced by up to 500,000. High tariffs boost prices study says Trade barriers found to put $19 billion Burden on americans Washington a american spend $19 billion More a year on every thing from Ball bearings and machine tools to dresses and costume jewelry be cause of protective Trade tariffs Accord ing to a government study. The . International Trade commis Sion estimated that High Tariff tend quo tas pushed up average prices in 44 sector by 3 percent. Officials at the Agency which rules on unfair trading complaints lodged by . Industry against foreign competitors said they were releasing the report to under score the Way the american Economy would Benefit from a successful conclusion of the Uruguay round of global free Trade talks. Those talks which have dragged on for seven years Are facing a dec. 15 dead line with negotiators still far apart on several issues. The discussions involving 115 nations Are being conducted by the general agreement on tariffs and Trade the world body that governs Trade. While economists say that global out but could receive a boost of $270 billion in lowering tariffs and expanding Trade protected industries in the United stat Sand around the world Are fighting fiercely to hold onto their Trade barriers As a Way of keeping jobs according to the report 44 sectors of the american Economy receive significant Protection from imports. The biggest Impact was found in the apparel and textile sector where Trade barriers add $1585 billion to prices Consumers must pay. The of it estimated that the average Price for apparel products would drop by 1 1,4 percent if the Trade Tim in were re moved the largest a face dec inc fur any of the shipping Industry stands to lose 11,095 jobs but that could be offset by an increase in demand for longshoremen if restrictions were removed that prohibit foreign ship from carrying Domestic cargo Between . Ports. After clothing tame of the biggest puce drug were is us gig. Dae a of 9 i percent and sugar a drop of 8 percent. The report conceded that jobs would be lost from the removal of Trade barriers. It estimated that the apparel Industry alone would lose 46,724 jobs representing 6 per cent of . Employment in that Industry. Counting Alt sectors of textile and apparel it put the potential Job loss at 71,369. The report concluded however that there would be no Adverse Impact on Over All employment in the United states it $4id it s lost in protected industries would a offset by gains in other sector % because of higher consumer spending that would result Tom Tower prices. The report found thai alter apparel and textiles the biggest Price drop $3.09 Bil lion would come from removing restrictions that prohibit foreign ships from carrying Domestic cargo Between . Ports. The change would result in a toss of 11,905 jobs in Ocean shipping but the it said that would be More than offset by gains in related industries As Dock workers benefited from increased volume of shipping by foreign carriers alter textiles and apparel and Ocean shipping the it found the biggest once impacts in apiculture including $3-17 Mil Ron annually in higher Dairy paces be cause of Macb Bairs a million in higher if a fact $35 j million in p4 outs Aad 177 jul lion m meal