Abstract
THE ECONOMIC NEWS OF THE PAST few weeks has been grim. The U.S. economy shrank 0.4% in the third quarter, the first decline in eight years and the biggest in a decade. Unemployment soared in October by 700,000, bringing the jobless rate to 5.4%, the highest level in almost five years. Meanwhile, companies continue to lay off thousands of workers. Attendees at an industry dinner in New %rk City last month were unanimous in their assessment that chemical business would not improve appreciably until the beginning of 2003. On hearing the most recent economic news, one economist lamented, We clearly are now in the throes of a nasty recession. Thus, it must seem strange, or at least bad timing, that the cover story in this week's C&EN is on Employment Outlook 2002 (see page 38). But this is the time of year when the class of 2002 is seeking employment, and, despite an uncertain outlook, ...
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