Word: digitals
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Dates: during 1970-1979
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...cutting the present budget, there is little likelihood that federal spending will be reduced sharply enough to have a substantial impact on prices. Consumer prices in the first six months of this year shot up 12.6%, and they are likely to continue leaping at or close to a double-digit pace for the rest of the year. Farm prices are marching up again, and increases in wage settlements jumped from 7.6% in the first quarter to 10% in the second...
...there were any lingering hopes that the long era of labor peace might continue, they vanished last week. Hoping to catch up with double-digit inflation, a record number of workers were walking picket fines. The Federal Mediation and Conciliation Service reported that more than 600 work stoppages -the most since the agency began keeping records 15 years ago-involving 230,000 workers were in progress...
...necessarily bad news: a strong expansion could worsen the nation's already horrendous inflation. Yet the outlook on prices is also bleak. True, a drop in farm goods held the rise in wholesale prices in June to an annual rate of 6%, the first less-than-double-digit figure in seven months. But even the usually optimistic Herbert Stein, chairman of the Council of Economic Advisers, points out that farm prices are rising again in July and concedes that a continuing spiral in industrial commodity prices-up 2.2% in June alone-"reveals the seriousness" of continuing inflation. Grove predicts...
...strains on the U.S. banking system are being duplicated, and then some, in Europe. There too inflation roars ahead at a double-digit pace, and interest rates are hitting unprecedented peaks. In addition, the large multinational banks operating in Europe are being asked to "recycle" part of the estimated $60 billion in oil producers' surpluses. This involves accepting the money in the form of deposits and lending it to countries that, like Britain and Italy, cannot meet their oil bills. Finally, though banks on both sides of the Atlantic have gotten burned speculating in foreign currencies, the losses have...
...escalator in the steel pact will raise wages in that industry 4½% to 5% this year all by itself. Finally, Eckstein believes that many nonunion employers are handing out generous across-the-board wage boosts that they feel they can no longer avoid in a time of double-digit inflation...