Word: man-hours
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...idea-that it is to labor's interest to show moderation in wage demands-made considerable economic sense. The nation's laws give Big Labor what amounts to a monopoly power. Using that power, labor can force wage increases that outrun increases in productivity (real output per man-hour). And wage increases that outpace productivity tend to push prices up, whether the economy is inflating or deflating...
...corporation's annual labor costs by $87 million to $1,543,000,-ooo, which is a record high. But labor refused to have the price hike laid at its door. Said United Steelworkers' President David J. McDonald: "Even without raising prices and without obtaining greatest output per man-hour, the corporation is in a position to increase its net profit from $348.1 million in 1956 to $437 million in 1957." The steel industry, charged Dave McDonald, is trying to make the union a "scapegoat" for the "irresponsibility of pricing policies which have contributed to the rising trend...
Profits were also nipped by the squeeze between rising wages and a slower rise in productivity. The nation's output per man-hour has risen an average of 3% every year since World War II; in 1956 it increased only an estimated 1.7%. One trouble was strikes, which cost the U.S. 37 million man-days, the most since 1952. But mainly, the U.S. economy was simply outgrowing its labor force. Despite 900,000 new additions in 1956, industry was scraping the bottom of the labor barrel, was often forced to employ marginal-and yet highly paid-workers...
...every worker, increase the average cost of $129-a-ton finished steel upwards of $12 a ton. But steelmen guessed that McDonald would settle for considerably less. At the top of the package is the demand for increased weekend pay, which alone could boost labor costs by 30? per man-hour. The Steelworkers' main objective is to put workers on a Monday-Friday week, though this would demand widespread reorganization of the industry. Jones & Laughlin Chairman Ben Moreell was hopeful last week that if "the union lets the industry work it out over a period of years, maybe...
INDUSTRIAL EFFICIENCY in the U.S. is being rapidly stepped up. In tne year ending with 1955's first quarter, says the Federal Reserve Board, productivity (i.e., output per man-hour) in the nation's factories rose about 6% v. an average 3% rise in the years just before World...