Word: digit
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Dates: during 1970-1979
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...downturn in world trade and the quadrupling of oil prices in 1973. Nevertheless, while an 8.5 per cent rate of inflation and a 6.5 per cent rate of unemployment earned Schmidt sharp criticism from the right and the left, these figures were downright enviable compared to the double-digit inflation and widespread unemployment of other Western nations, including the United States. Replacing the disgraced Willy Brandt, Schmidt immediately clamped down on inflation: his monetary policies were so strict that the German construction industry almost went out of business for lack of credit. Schmidt's vigorous economic measures paid off: inflation...
...skyrocketing cost of iron ore, copper, fibers, foodstuffs and other non-oil commodities contributed more than anything else to the devastating double-digit inflation of 1973-74. Commodity prices plummeted during the recent world recession, but now they are bouncing up again more rapidly than had been generally anticipated. Emile van Lennep, secretary-general of the Paris-based Organization for Economic Cooperation and Development, warns in cautious economist's jargon that "the surprisingly early recovery of some commodity prices could presage a new outbreak of speculative price rises and pose a serious threat to the sustainability of the present...
...business revival has just celebrated its first birthday. It was in May 1975, after more than a year of falling production and rising joblessness-accompanied for much of the time by double-digit inflation-that the economy turned upward. In the year since then, the economy has come a long way back, but in some important respects it is still below its pre-recession peaks. Industrial production, for example, is about 12% above its recession low of April 1975, but 3.4% below the high of November 1973. The number of people who have jobs actually reached a record...
...believes that the inflation rate over the long run can be pushed down to about 3% a year, even as unemployment also declines. Pumping out more money to create jobs will not speed up inflation, he says, "because our economy is presently performing so far under capacity." The double-digit inflation of 1973-74, he says, was caused largely by a series of shocks that are not likely to be repeated: the quintupling of oil prices that followed the Arab embargo, frantic worldwide bidding for scarce commodities, two devaluations of the dollar...
...T.U.C.'s leaders accepted the austere pay formula, recognizing that failure to do so would almost certainly mean a continued double-digit inflation that erodes worker purchasing power faster than pay raises can keep up with it -the disease that has forced British governments into stop-go cycles of inflation and recession since the early 1960s. Exclaimed T.U.C. Chief Len Murray: "It is the best news for many a long day in Britain." Healey credited the agreement to public exasperation with inflation: "People got sick and tired of being paid in confetti...