Word: groves
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Dates: during 1970-1979
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Early estimates from several members of TIME'S 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...
...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 that consumer prices in the second half of this year will shoot up at an annual rate of almost 10%, propelled mostly by a sharp acceleration in wage settlements...
...elsewhere. Books were quietly shelved in many libraries and even burned (32 copies of Kurt Vonnegut's Slaughterhouse Five) in Drake, N. Dak. But, by and large, even smutty books and magazines still sold; the X-rated movies still showed. Says Barney Rossett, head of erotically oriented Grove Press: "Despite the fears, nothing much happened...
...commandos who took part in the raid were dressed in the headbands and cloaks that many young Western hippies wear when they stop to work at such kibbutzim. The four emerged from a grove of eucalyptus trees as the kibbutz was finishing breakfast and split into two pairs. Two fedayeen went into an apiary where two women, Edna Mor, 28, and Shoshana Galili, 58, were at work taking honey from beehives. The other guerrillas, believing that they had been spotted, opened fire and killed Judith Sinton, 18, a young New Zealander who had been living in the kibbutz for three...
Reversing the speedup in wages will be difficult, if not impossible. Workers have a genuine grievance: as pay has trailed prices, inflation has lowered their standard of living. David Grove, also of TIME'S Board of Economists, figures that real disposable personal income (that is, take-home pay adjusted for price increases) has dropped for the past four quarters; in the first quarter of 1974 it fell at an annual rate of 5.6%. That is a longer and deeper drop in purchasing power than occurred during any of the five recognized U.S. postwar recessions. Unfortunately, employers cannot absorb outsized...