Word: lastly
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Dates: during 1970-1979
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Some of Chrysler's deficits result from the high cost of meeting clean air standards and fuel efficiency requirements. But it was the gas shortages of last spring that triggered Chrysler's ruinous 1979 sales slump (indeed, recently Ford and General Motors have also been losing money on their U.S. operations). Yet the fundamental problem has been poor management; Chrysler has consistently failed to come up with enough models that sell well, and its share of the U.S. auto market has slumped from 14% three years ago to 11% now. The firm's total indebtedness, including that...
...Carter Administration's efforts to devise another wage guideline to replace one that nominally expired Oct. 1 led to a poignant business-labor standoff last week. The White House in September had hailed the new 18-member Pay Advisory Committee as part of a ''national accord" on wage policy that would mark a healing of the rift between the President and organized labor. When the committee's first working session took place, however, all the problems of proper compensation in a period of 13% inflation burst open...
...courting labor's support in the 1980 election, the Administration has drifted toward accepting the union position that the pay ceilings need more "flexibility." Says Labor Secretary Ray Marshall: "With inflation barreling along at its current rate, the old guidelines are clearly untenable." A top Administration aide confided last week: "It would be unreal to expect labor to accept continuation of a program that was successful in holding down wages but a disaster in holding down prices." And one official on the COWPS, which administers the standards, sheepishly maintained that the anti-inflation effort "could be just as well...
...abandonment of a firm pay guideline, if it occurs, would have broad implications for the economy, which is now delicately poised between two perils: even more inflation and deeper recession. Fresh harbingers of both of these threats appeared last week. The unemployment rate, which had dipped unexpectedly to 5.8% in September, returned to 6% last month-a sign of a softening economy. But other figures showed business continuing to perk along despite attempts to dampen inflation by curbing growth. Prices charged by wholesalers rose another 1% in October, while the index of "leading" indicators, which is supposed to foreshadow future...
...guideline in the contracts they have won this year, the standard has nonetheless helped moderate many salary agreements. In the past year most workers, especially nonunion ones, have settled for pay hikes close to the 7% standard. Wage increases in major union contracts actually declined overall from last year's 8.2%, to 7.5% from January through June. Carter's chief economic adviser, Charles Schultze, hails this as "one of the truly unreported stories of the year...