Word: evening
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Dates: during 1970-1979
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...abandonment of a firm pay guideline, if it occurs, would have broad implications for the economy, which is now delicately poised between two perils: even more inflation and deeper recession. Fresh harbingers of both of these threats appeared last week. The unemployment rate, which had dipped unexpectedly to 5.8% in September, returned to 6% last month-a sign of a softening economy. But other figures showed business continuing to perk along despite attempts to dampen inflation by curbing growth. Prices charged by wholesalers rose another 1% in October, while the index of "leading" indicators, which is supposed to foreshadow future...
Without slower pay hikes, oil-induced inflation would have soared even faster. Schultze says his main goal now is to continue the moderate wage trend so that higher oil prices will not ripple more inflation through the whole economy...
...period of rapid inflation, well-organized workers and those with scarce skills can protect themselves better, but even they eventually fall behind rising costs, and their living standards decline. Like Oliver Twist, American workers are expected to begin asking, "Please, sir. I want some more." The minimum wage is already due to rise next Jan. 1 from $2.90 an hour to $3.10. Nonunion workers are likely to start demanding greater pay hikes to catch up with both union salaries and inflation...
...worker continues slipping ever further behind inflation in terms of actual buying power. Over the past twelve months his real income, in non-inflated dollars, has steadily declined. Just since spring, inflation has eroded the total compensation of a person earning $20,000 a year by about $1,210. Even 10% pay increases at a time of 13% inflation results in a 3% drop in living standards...
...OPEC nations go, so go the countries that pump the approximately 40% of the free world crude that is not under the cartel's control: last week both Britain and Canada moved toward higher prices that will keep the cost of their oil in line with, or even a little ahead of, what OPEC is currently getting...