Word: scarcer
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...find that it is either beyond their means or they cannot find a mortgage for it. The median price of new houses in the U.S. has jumped to some $35,500, and mortgage rates now hover near 10%. Construction workers, from carpenters to lumberjacks, find that jobs are becoming scarcer every day. The situation is acute in what was one of the fastest-growing counties in the nation during the late 1960s and early 1970s. In New York's exurban Suffolk County, 40% of construction workers...
...crisis has also brought on a sizable rise in the dollar's value because the U.S. depends much less on the Arabs' oil than the Europeans and Japanese do. As oil becomes scarcer and costlier, their industries stand to be hit painfully, and they will have to spend proportionately more than the U.S. for imported petroleum. These factors will damage their payments balances and weaken their currencies. As foreign currencies decline, the dollar should become relatively stronger. Alan Murray, a vice president of New York's First National City Bank, predicts that the dollar will float...
...becomes scarcer and more expensive, the economic shock waves will hit hard throughout the economy. Petroleum is a basic raw material used in many products, including chemicals, paints, plastics and synthetic textiles. Other industries-steel, aluminum, electric power-use large quantities of oil in the course of production. When petroleum supplies become pinched and prices push up, these industries may well be forced to restrict output and raise their own prices, thus putting even more inflationary pressures on the economy. The new oil crisis, says James Wall, president of Celanese Chemical Co., confronts the American economy with "probably the most...
...essence, the board is trying to make credit scarcer and costlier without choking it off altogether. Loans are still available for a stiff price, but shortages are beginning to appear, and business borrowing is declining. Some Chicago banks will make loans only to longstanding corporate customers. A would-be new borrower is out of luck unless it happens to be a giant company. In July mortgage interest rates staged the fastest one-month rise ever and are now as high as 9% where state laws permit. Some S and Ls are raising down-payment requirements from 20% to as much...
...setting a 2½-year moratorium to study these problems before coal mining begins on a massive scale. Thus there seem to be radical changes in the future of the big sky country, highlighting a dilemma that will become increasingly familiar as the natural resources of the U.S. become scarcer: Should the residents of one region of the nation be asked to give up their land and traditions for the good of other Americans living hundreds of miles away...