Word: pricing
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Dates: during 1960-1969
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Such a moment of glory has its price...
Slowly and subtly, that process appears to have begun-in response to the Government's policy of tight money, high taxes and a budgetary surplus. The real growth of the gross national product, not counting mere price increases, dropped from an annual rate of 6.4% in last year's first quarter to 2.8% in this year's first quarter. Even so, a FORTUNE survey shows that businessmen are still in an expansionist mood; 77% of those polled expect further increase in sales over the next twelve months. If the leading indicators prove correct, some abrupt changes...
...industries met serious declines. Profits fell at Boeing, Lockheed Aircraft, LTV and American Can, among others. Steelmakers did not fare nearly as well as in early 1968. Aluminum companies, hurt by higher wages and other costs, have yet to benefit from price increases announced in January. Many of the airlines, weighed down by costly new wage contracts and heavy financing for new aircraft, are suffering...
...departure, speculators rushed to buy marks, knocking the franc, the dollar and the pound to the lower limits set by the International Monetary Fund. The prospects of another franc devaluation-the eighth since World War II-caused French bank notes to sell at a 10% discount abroad, and the price of gold in Paris reached record highs. French reserves fell for the twelfth consecutive week, while German Bundesbank reserves jumped by $400 million. Only the strict French currency controls prevented a much sharper shift out of francs and into marks...
Such action is highly unlikely before a new French government is installed in June. Even then, the Germans will weigh carefully any boost in the price of marks before their own national elections in September. Revaluation would lower the income of German farmers under the complicated Common Market price-support system, and Bonn's party leaders are worried about losing the farm vote. Yet a change in parity is almost assured by the vivid contrast between the mighty West German economy and the inflationprone French economy-menaced by excessive wage demands while handicapped by obsolete plants and an unfortunately...