Word: indexable
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...confidence. A poll taken this summer by the Conference Board shows that 23% of U.S. families surveyed feel their living standard fell during the past year, forcing a clampdown on buying. Only 20% reported an increase in their standard of living, vs. 31% last spring. The latest consumer price index offered little comfort. It rose six-tenths of 1% in August to an annual rate of 7.4%, vs. a yearly rate of 11.4% in June and 62% in July. Food prices, which had been falling earlier in the summer, picked up slightly in August, but it was mainly increases...
...unemployment next year?perhaps to 6.3% or 6.4% next summer, in Eckstein's view ?from last month's relatively cheering rate of 5.9%. Also, the slowdown will do little if anything to temper inflation, which is expected to average 8% this year as measured by the Consumer Price Index. Robert Nathan, who heads an economic consulting firm in Washington, thinks the rate may come down a point or so next year, but he is the board's optimist. Sprinkel believes inflation may actually worsen a little next year; the others see little or no change. And inflation will keep...
...medium-size firms. Little-known Lincoln Electric of Cleveland gives productivity bonuses that come close to equaling regular wages. One result is that productivity has risen so fast that since 1934 prices for Lincoln's products have increased only one-fifth as much as the consumer price index. Professor Grayson sees that as good proof of his thesis that higher productivity can whip inflation...
...hard, punitive glare has become respectable for liberals who in years past were all for the Warren Court's protections of the offender. One index of the respectability of the tougher line: Edward Kennedy, who owns the most liberal voting record in the Senate, is the co-author of the revised U.S. Criminal Code that would, among other things, abolish parole boards and indeterminate sentences. There is a certain wistfulness in such measures. Says L. Ray Patterson, dean of the Emory School of Law in Atlanta: "The concern of the public is not so much for vindictive retribution...
...bittersweet flavor laced the economic news last week. On the good side, the consumer price index, after racing ahead at an average annual rate of 10.8% in the three months ending in June, slowed down a lot in July, chiefly because of a drop in food prices. On an annual basis, the index rose only 6%, the smallest increase since December. Unemployment also dipped, falling to 5.9% in August from 6.2% the month before. The bad news was that after months of steady improvement the nation's trade deficit in July came in at a scary $2.99 billion, nearly...