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IN THE FIRST QUARTER OF 1970, unemployment in the United States rose to 4 percent of the labor force, the presumed full employment arget. By the first quarter of 1971, unemployment reached the undesirable level of nearly 6 percent. Over this same one-year period, imports into the United States increased by $4 billion (1971:1 over 1970:1 at annual rates) and exports increased by only $3 billion, reducing the net positive trade balance by $1 billion. An increase of competitive imports-considered in isolation -has the direct consequence of reducing job opportunities. A reduction of exports has a similar job-destruction effect. By the same token, a reduction of imports and an increase of exports have the opposite consequence on job opportunities. In view of the trade development, a seemingly natural question is how much of current unemployment did we import?' Actually the question is not as natural as it appears because international trade cannot be considered in isolation from other economic developments. In an efficiently evolving dynamic economy, job opportunities are constantly being lost because of many factors, but the losses are more than offset by job-creating developments. Shifts in consumer demand, changes in productive technology, restructuring of government expendi-

How Much of Current Unemployment Did We Import?