Word: chrysler
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Dates: during 1970-1979
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...last week the bad news mounted. The auto industry reeled from a new-model sales rate 35.8% below last November's already somewhat depressed pace. Ford and Chrysler announced massive new layoffs for this month. Automakers now plan to close at least 14 assembly plants and put as many as 230,000 production workers, clerks, accountants and executives out of work before Christmas, and about 20% of General Motors' 500,000 U.S. employees will be idle in January...
...shape of the recession from here on and the timing of the turn-around will be determined by what happens to inventories-the unsold goods and supplies that businessmen have on hand. Although production is dropping, it will be some time before business can work off those inventories; Chrysler, for example, has a four-month supply of unsold cars on lots and in showrooms. Sometimes the lag involved in pulling inventories into line with sales produces what is known as a V-shaped recession: production plunges until inventories are sold, then shoots up again when new orders are placed. That...
White-collar employees are finding the current recession particularly unnerving, because companies are no longer as reluctant as they once were to furlough them. Chrysler has laid off 20,000 clerks, accountants and lower-level managers; Sears has let more than 200 executives and middle-management workers go in the past several weeks. Many big corporate employers have quietly frozen new hiring and are trying to whittle their staffs through attrition. At the same tune, employees are less eager to reach for early retirement at a tune of soaring inflation. The Chicago office of the Booz Allen executive recruiting firm...
There was one cheerful note for Detroit's depressed inner city: in announcing the shutdowns, Chrysler said that while the giant Jefferson Avenue plant would be closed until January, it would not close permanently as had been widely feared. Chrysler said that it would keep the plant running at least through the 1975 model year, meaning mid-July. The factory employs about 5,800 people, mainly blacks. Detroit Mayor Coleman Young helped persuade Chrysler to maintain the plant, however temporarily, by noting that the city has given the company a number of property-tax breaks in recent years...
...most models are not moving. President Ford did them little good when, in October in Kansas City, Mo., he urged consumers to save more and buy judiciously. Auto executives also blame tight credit for frightening potential buyers and Limiting dealers' ability to keep cars in inventory. Last week Chrysler President John Riccardo was in Washington urging Michigan's Congressmen to push for looser credit...