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THE ECONOMY.(TO THE POINT)

Investor's Business Daily

| August 02, 2004 | COPYRIGHT 2004 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Conditions for long-term jobless

The Labor Dept. said Friday that 65% of the 5.3 mil US workers laid off between Jan. '01 and Dec. '03 had found long-term jobs by Jan. '03. Another 15% left the labor force. It also said that of those who found full-time wage and salary jobs, 57% earned less than they had at their previous job, the highest level in a decade.

More ambitious tax hikes urged

The International Monetary Fund said it is concerned current US plans to cut the budget deficit aren't aggressive enough in light of the growing number of retirees. The agency said the US should consider boosting taxes. But it also noted that US economic growth prospects are "relatively favorable."

Deadline looms for WTO deal

Those attending World Trade Organization talks in Geneva have given themselves a deadline of midnight on Friday to hammer out a trade deal. One of the points of contention between rich and poor countries disagree ...

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