Word: labor
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Dates: during 1960-1969
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...institutional impact is destined to become stronger in the market. Mutual-fund assets have grown by an average 14% annually in recent years, and more and more labor settlements call for increased pension benefits. This tide of new money can have a major effect on the market, often helping to stabilize stock prices. Says Robert Driscoll, president of the Manhattan-based Affiliated Fund: "When the market goes up, we sell-and when the market goes down we buy." As the past few weeks have illustrated, the institutions' very size can make them an unsettling force, even when they...
...which has slumped from 75% to 18% of total consumption. After much delay, Carling last month started a continuous brewing plant at Fort Worth that makes beer by assembly-line process instead of in single vats; other beer executives are watching to see if the process accounts for sizable labor saving. Coors Co. of Colorado is developing a vertical process in which it grows its own grain, makes its own cans and adds the beer on a fast production line. Another new possibility being studied: concentrated beer. Concentrates could be brewed in a central plant, shipped at much lower transportation...
This story is making the rounds in Western Europe-and a lot of businessmen choke a little as they laugh. Though things have not really reached that stage, the joke symbolizes the changing mood and manner of labor in many of the free world's industrial nations. In prospering northern Europe, in Australia and even in Japan, most of whose economies for centuries have been based on an abundance of cheap and diligent workers, labor shortages are now the rule. Being so sought after, the workers have grown as finicky as French chefs about everything from drafts...
...Sweden and Japan (all .9%), and in West Germany (.5%). The squeeze is tightest in West Germany, which has 683,000 vacant jobs for 106,000 persons on the unemployment rolls. The shortage would be even worse if Italy, Greece, Turkey, Spain and Portugal were not continuing to export labor; of northern Europe's 4,000,000 foreign workers, 24% are in Germany. Even so, wage boosts this year in Germany (8%) and England (61%) have leaped ahead of productivity increases and are a major factor in those two nations' inflationary spirals...
Poachers in the Mines. Employers fret about all this, but they have their hands full just competing for help. Because labor has become more precious than goods, German manufacturers wink at pilferage that costs them an estimated $1 billion a year. Dutch housebuilders commonly pay their men "black salaries"-10% to 20% above the legal limit-or lose them; last year 18 small Dutch textile mills closed for lack of workers. Belgian coal companies, which fly in weekly planeloads of Turkish miners, cry that Dutch and German labor poachers steal their recruits almost as fast as they arrive...