Word: digitalizing
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There was one ominous item in Carter's news: U.S. wholesale prices in April rose at an annual rate of 14%, the third straight month of double-digit figures. That trend could be aggravated by rising steel costs, as two producers, Republic and Youngstown, raised prices 6.8% to 8.8% on many products. Otherwise, all signals were go. Unemployment dropped to 7% in April; that is the lowest figure in 29 months. Treasury Secretary Michael Blumenthal estimates that U.S. GNP will rise 7% in the second quarter, v. 5.2% in the first. U.S. auto sales in April climbed 12.5% above...
...Since then beepers have spread like electronic calculators-from some 33,500 in 1965 to an estimated 800,000 today, with production still growing at about 18% a year. About 500 U.S. companies now either manufacture beepers or operate beeper networks. In most systems, the caller dials a seven-digit number that feeds into a central computer. There the number is translated into a coded radio signal and fed by phone lines to a radio transmitter that sends the beep to the designated pocket receiver...
...measure, at least, double-digit inflation is back. As Jimmy Carter and his economic aides were busily polishing the much trumpeted anti-inflation program he plans to announce this week, the Labor Department reported that the Wholesale Price Index rose 1.1% in March, the biggest jump since the bleak old days of October 1975. That translated into an annual rate of 14%, and was the second straight month of double-digit rise. Just this sort of news, and fear of more, has sent the stock market tumbling 8.5% so far this year. It continued to slide last week, although...
...biggest fear holding down investment is of a renewal of inflation to double-digit levels. Once a prod to "buy now before the price goes up," inflation has become a brake on capital spending. Says M. Kathryn Eickhoff, vice president of Townsend-Greenspan & Co., Manhattan economic consultants: "An inflationary environment makes calculating rates of return on new investment difficult, even though profits as a whole are likely to rise as inflation advances...
...investors also worry about the back-to-back budget deficits (totaling $125 billion this year and in fiscal 1978) that President Carter has estimated as one result of his program to stimulate the economy. Irwin L. Kellner, vice president of Manufacturers Hanover Trust, fears a return to consistent double-digit inflation before the end of 1978; Albert H. Cox Jr., president of Merrill Lynch Economics Inc., sees a 40% chance of inflation reaching about that speed late...