20 YEARS AGO THIS WEEK: A study by the UCLA business forecasting project suggested that California may be forever doomed to having a higher unemployment rate than the nation as a whole. Reason: Whenever the jobless rate here dips, more people come to the state because of its good climate and other attributes, swelling unemployment.
THE NEWSMAKER
Ousted Columbia Pictures executive David Begelman was about to replaced at the studio, three months after he resigned following admissions of forgery and misappropriation of funds. He was being replaced with not one, but two executives: Daniel Melnick to head Columbia’s film division, and Lawrence White as head of the television unit.
THE NUMBERS
May 11, 1978
Dow Jones Industrial Average: 834.20
New York Gold: $173.90 oz.
GE microwave oven: $358
8-track tape player: $24.99
