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Laying Off. In many parts of Western Europe, unemployment is creeping up while steel production is in a decline and demand for export-import financing is flagging. Italy is in the deepest trouble. Plagued by strikes and absenteeism, industrial production is running 3% lower than last year, while prices are 5% higher. Fiat, the automaker, has placed 8,000 workers on a short week; tiremaking Pirelli is offering workers in the Milan area cash gifts to quit. Zanussi, Italy's biggest electric-appliance manufacturer, plans to lay off 9,420 by year's end. Refrigerator producers reckon that...
...Germany, even with unemployment under 1%, some businessmen are talking of a Wirtschaftskrise (economic crisis). Industrialists estimate that the import surcharge and de facto revaluation of the Deutsche Mark will mean a 30% drop in the sale of German goods to America. Steelmakers put 11,000 workers on short hours, and the angered men marched through the streets carrying signs of protest. While industrial profits are falling, the cost of living is nearly 6% higher than a year...
...would institute an excess profits tax on windtall profits resulting from wage and price control and would also increase the tax on millionaires." McGovern added and referred to the oil import quota as "Robin Hoodism in reverse...
...meet higher taxes and spiraling living costs (an 11% increase so far this year). Postal workers deliver the mail at a snail's pace. Grocers recently struck to protest Israel's 20% devaluation in the wake of U.S. economic moves. Customs inspectors have disrupted the export-import trade with brief but frequent strikes. Even hospital staffs and lifeguards have walked off their jobs temporarily. Lost work days were few compared to other nations, but the strikes were highly visible...
...authoritative Ward's Automotive Report predicted last week: "Domestic and import new-car dealers can't miss posting a new sales-record year." Indeed, in calendar 1971, the industry expects its first 10 million-car year ever. Dealers should sell about 1,500,000 imported cars and about 8,500,000 domestic models. This compares with sales of 1,278,000 imports and 7,120,000 U.S.-made cars last year, which was slowed by a 67-day strike against General Motors...