Word: ecksteins
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...rise to 6% before it began to come down. Now predictions of 6½% by mid-1975 are common. Walter Heller, a member of TIME's Board of Economists, foresees a jobless rate of nearly 7% as a consequence of a single-minded anti-inflation policy. Otto Eckstein, another member of the board, calculates that 8% unemployment, unseen for any long period since 1941, would be required for two full years to get the pace of price increases down to 4% a year...
...Board of Economists, for example, indicate that output of goods and services, adjusted for price changes, is essentially flat. David Grove calculates that real gross national product, which dropped at an annual rate of 6.3% in the first quarter, dipped another .3% in the quarter ended last month. Otto Eckstein more optimistically figures that production rose-but by a lackluster rate of 1.6%. Whatever the exact figure, the pattern of a sharp first-quarter drop followed by little if any real growth in the second quarter will keep economists arguing for months about whether the situation can properly be called...
...catch the new wave in the market, he has seen revenues grow by more than 40% a year since 1966 (last year's total: $20 million). One of his innovations has been to hire noted experts in other fields (Henry Kissinger, Bill Moyers [see below], Economist Otto Eckstein, Columnist David Broder) to relate politics, foreign affairs and economics to investments...
...private nonfarm workers rose a mere 6.3%, trailing far behind a 10% rise in consumer prices. But in May, the first month after the death of wage-price controls, workers' wages rose at a stunning annual rate of 19.1%. Though that probably was a statistical fluke, Otto Eckstein, a member of TIME'S Board of Economists, calculates that wages and benefits for the current quarter will go up at an annual rate of 9.2%, and that the rate will rise, to 9.8% in the fourth quarter. Experts at the Government's Cost of Living Council fear that...
...comparable week in 15 years. Last week some 110,000 strikers in the men's clothing industry went back to work under a contract that will raise their pay about 10% the first year (see following story). Escalator clauses in union contracts are further increasing pay; Eckstein calculates that an 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...