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...artful manipulation of the price of the 213 commodities (sausages, vin rouge, coal, linoleum) that make up the official cost-of-living index, the Mollet government has succeeded in holding the index itself relatively steady while most other prices are shooting up. Should the index jump two more points (to 149.1), minimum wages for 20 million workers would automatically increase 5%, setting another inflationary spiral. Said one French economist last week: "The sea is lapping at the dike...
After holding remarkably steady for nearly three years, the U.S. cost of living is once again at a record level. The Bureau of Labor Statistics reported last week that its Consumer Price Index (1947-49 = 100) jumped sharply (.4%) between April and May to match the alltime high of 115.4 set in October 1953. Main reason: a substantial increase in the cost of food, largely because of the upswing in beef, pork and potato prices. Main result: a 1?-an-hour wage increase for more than 100,000 workers whose pay is geared to the index. Government forecasters, with...
...result, the imports of steel, machinery and other supplies from abroad (mainly the U.S.) are running up a record trade deficit. The demand for goods of all kinds by the well-heeled Canadian consumer, as well as increased wages, is tending to raise prices. Although the cost-of-living index has held fairly steady since the first of the year, there are signs that it may be heading upward. Bread prices increased 1? a loaf last week; soft-drink dealers added a penny a bottle; brand-name coffee rose to $1.27 a pound...
...Farm prices in mid-May climbed 3%, the fourth straight monthly rise and one of the biggest jumps in years. Potatoes, fruit, hogs, lamb and cattle all rose; in some areas prices for meat on the hoof were up as much as 6%. As a result the overall farm index jumped to 242% of the 1910-14 average, only two points below last year's level...
...yardsticks while director of the august National Bureau of Economic Research (1945-53). From 800 statistical series on the U.S. economy, Burns's staff picked 21 key indicators, business failures, durable-goods orders, etc. that faithfully pace business shifts. Under Burns the National Bureau also perfected the "diffusion index," a cross section of indicators used to gauge the strength of an upswing or downturn...