Word: ackley
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Inflationary Surge. The Johnson Administration has long belittled the possibility of lasting damage to the economy as a result of the strike. On the eve of the walkout, Gardner Ackley, chairman of the President's Council of Economic Advisers, brushed off such fears, saying that there would be "a burst of production to make up for it later." It may take quite a burst. The Commerce Department last week reported that in September alone, factory orders for durable goods dropped by 3.2% from August as Ford's shutdown rippled through its suppliers. All in all, said Commerce...
...settlement dwarfs the 4.9% won last year by the airline machinists, who effectively buried the Administration's once cherished 3.2% wage-price "guide-posts." Though the Administration has been strangely silent of late, it is now clear that another mark has been passed. Last August CEA's Ackley expressed the hope that Reuther's men would not jostle "the general pattern that has developed this year around...
...level. Strikebound Ford lifted its car prices by $114 (3.9%), Chrysler by $133 (4.6%). Inventory liquidation by businessmen, one of the principal drags on the economy this year, is dwindling, and housing and industrial production are up. "A business acceleration is no longer a forecast," said Chairman Gardner Ackley of the White House Council of Economic Advisers last week. "It is a fact...
...bits and pieces-in tubing, then tin plate for can making, followed by hot-rolled carbon and alloy plates-with only a whimper from Washington. Not until just before the Labor Day weekend, when Republic Steel dropped word of new prices in steel bars, did the Administration react. Ackley condemned the move, professing a belated astonishment at the fact that higher prices have already been chalked up "for nearly half the steel tonnage produced in this country," and a flock of telegrams urged other producers not to follow Republic...
...other costs. But with industrial plants running at a slack 85% of capacity (v. last year's 91% peak), they also suspect business of using any pretext to raise prices in order to reap a windfall of earnings as the economy picks up. Reflecting this root distrust, Ackley recently took special pains to chide the rubber industry for following a strike-forced labor settlement that was "clearly out of line" with price hikes "even greater than the added costs of the wage agreement...