Word: man-hours
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...economic area-the level of industrial output per man-hour -Russia is still far behind the U.S. U.S. national product per man-hour has been rising even faster than national product per capita (which is by far the highest of any nation), has'jumped at a rate of 35% to 40% a decade since World War II-and is still growing by the day. The reasons for the growth, says the report, are not only an increase in the volume of capital goods (of which the U.S. has more than any other nation), but the U.S.'s large...
...hour, which is equaled or exceeded by nine major industries and is 11? lower than the auto industry. Besides, steelworkers rarely work a full work year; they have averaged 40 hours a week in only one year in the last 13. ∙ Industry insists that workers do not deserve a raise because their wages have already outrun gains in productivity, which the industry calculates has risen at an annual rate of 1.5% a year since 1940. The union disputes this by using a productivity figure of 3.2%. The reason for the difference is that management uses steel shipments per man...
...stark. Less than 5% of Latin America's 8,000,000 square miles is under cultivation, although two-thirds of the 190 million people live from agriculture. Population density is only 24 to the square mile (v. 54 in the U.S.), but millions go hungry. Farm productivity per man-hour is less than one-fifth that of the U.S., food output barely keeps pace with population, and most of the 20 countries must import food...
...industry angrily disagreed. Chairman Avery C. Adams of Jones & Laughlin said that from 1940 to 1958 the industry's labor costs per man-hour increased 298%, while its shipments of steel products per man-hour increased only 30%. Thus, every recent wage hike kicked off a steel price boost (see chart). Adams and fellow executives contended that profits are still "inadequate" to support a wage hike. Even at last year's relatively high levels, steel's profits-to-assets ratio ranked 27th among the nation's 41 key industries. The "obvious" solution to wage-push inflation...
Sharp Movements. The steelmen's negotiating committee also argued that productivity per man-hour in the steel industry went down 7½% from 1956 through last year, while labor costs went up 19%. Next day the Labor Department issued the latest productivity figures, and they seemed to back management's claim. Productivity in steel had indeed declined in 1957 and 1958, said the report. But both management and labor were quick to agree that the new figures would have no bearing on negotiations. Reason: they could be misleading...