Word: hard-hitting
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Recession. The recession issue proved highly overrated. Such long-hurting areas as West Virginia voted for Kennedy. But California's San Diego County, hard-hit by airplane-plant layoffs, remained Republican; so did layoff areas around Seattle and Oregon's slumping lumber region...
...worst of all-exports to the U.S. up 7.4%, imports up a startling 95.6%. Britain's trade deficit hit $168 million in May, $272 million in June."Frightening," says Lord Rootes, chairman of the Dollar Exports Council (and of Rootes Motors, whose Hillman Minx has been hard-hit by U.S. compacts). "We who pride ourselves on being a great trading nation are simply falling behind...
...force. It could be built by a contractor for less than $500. At a small additional cost, perhaps as little as $7 per person, the shelters could be prestocked with enough survival supplies to last through a critical fortnight. Since the intensity of fallout radiation diminishes rapidly, survivors in hard-hit areas could start coming out of their shelters after a fortnight and set about the task of reconstruction...
...stark warning by Commerce Minister Alberto Ullastres that something drastic must be done to save the Spanish economy (TIME, June 15), 50 small and medium-sized factories in hard-hit Barcelona announced a "suspension of payments," a legal state just this side of actual bankruptcy that defers debt payments and allows a company to lay off help (otherwise forbidden by law). In a land where newspapers print no unpleasant news, word spread that the big (3,000 employees) Euskalduna shipyard and the Basconia steel mill in Bilbao were also about to lay off their work forces, and so was Madrid...
Beauty & Food. The hard-hit appliance industry came back in strength. Earnings of Whirlpool Corp. were up sharply from last year's 29^ a share to 80^. With sales up 12% in the first quarter, Borg-Warner Corp.'s President Robert S. Ingersoll announced a 45% hike in earnings, noted that Borg-Warner has "a very substantial portion" of the parts orders for the Ford and General Motors small cars. Admiral Corp., reported a profit on a sales rise of 15%. Said President Ross D. Siragusa: "All the bad things are behind...