December 29, 1984

It has been called everything from an ''insult'' to a ''punishment from God,'' and the months since it was announced have brought threats of secession and revenge. People scoffed at the ''dowdy numbers'' and pouted like spoiled children about how Manhattan gets ''everything it wants.'' But the inevitable will be confronted at midnight Monday, when Brooklyn, Queens and Staten Island assume unequivocally the area code of 718. Those who neglect to use the three numbers when calling those boroughs will find themselves enmeshed in telephone company recordings that exhort them to redial using 718.

All clothing and household fabrics made in this country are now required to carry a label saying so. The requirement is part of a new Federal law designed to promote the sale of American-made garments, sheets, towels and other fabrics for the home. The law was sought by labor and the fiber, textile and clothing industries, which have suffered substantial unemployment since foreign-made goods began taking a larger share of their markets in the 1960's and 70's. Industry Beginning Campaign Coinciding with the advent of the new law, an industry association, the Crafted with Pride in U.S.A Council, has been established to conduct what the industry describes as a multimillion-dollar advertising campaign about the quality, style and value of American-made goods.

The index of leading economic indicators, the gauge the Government uses to try to foresee turns in the economy, rose a strong 1.3 percent in November, the Commerce Department reported today. It was the biggest increase since last February. Analysts said it confirmed earlier signals that the economy had rebounded from a spell of anemic growth during the summer and early fall and was poised for continued expansion throughout 1985. They attributed the improvement partly to recent efforts by the Federal Reserve Board to avert a downturn by letting interest rates decline.

The International Monetary Fund today approved a $20 billion aid and austerity program to help Argentina pay its bills. The move ended more than a year of uncertainty over the financial status of the developing world's third-largest debtor. Today's decision by the fund's board of governors follows similar action last year for Brazil and the year before for Mexico, the two most indebted third-world countries. Brazil and Mexico each owe foreign creditors more than $90 billion; Argentina's debt is about $45 billion.

Mayor Koch said yesterday that he would not create a city holiday in 1985 to mark the birthday of the Rev. Dr. Martin Luther King Jr. The Mayor said city employees who wanted to observe the birthday of the slain civil rights leader on Jan. 15 could do so without losing pay by drawing on accumulated leave time or by taking some time off in advance. But he refused to establish an additional paid holiday next year for all municipal workers - as the City Council had asked him to do in a unanimous resolution 10 days ago. Cost Put at $17 Million Mr. Koch said the issue was one to be resolved in collective bargaining talks between the city and its unions - leaving open the possibility that he might change his mind. He also said the cost to the city of an additional paid holiday would be $17 million.