Word: shutdown
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...presence of the maquiladoras benefits communities on both sides. El Paso Mayor Jonathan Rogers figures his city would lose 20,000 jobs if the twin plants in Juarez closed. This would double El Paso's already high unemployment rate to 24%. In Juarez, Mayor Barrio says any such shutdown would cause his city's economy to "immediately collapse...
...savings and loan associations that dot southern Ohio seldom stir up any & excitement in the banking community, much less a panic. Yet for a few tense days last week, a crisis involving Ohio's thrift institutions sent tremors of anxiety through the financial world. Governor Richard Celeste's emergency shutdown of 69 privately insured thrifts, which were threatened by customer runs, was the most widespread closure in the financial industry since President Roosevelt declared a one-week national bank holiday in 1933. Ohio's closed-door policy was originally intended to last for only three days. It dragged on through...
...production decline resulted from the one-week strike at General Motors. Though that dispute was settled, a walkout last week by GM's Canadian workers poses a new threat. Because vital parts of several GM cars are made in Canada, the strike could lead to a shutdown of some of the company's U.S. factories...
Nonetheless, even if the union decides to expand its walkout, a GM strike is unlikely to repeat the damage done to the U.S. economy by the 1970 shutdown, which helped trigger a temporary recession. The auto industry today simply does not enjoy the commanding position in the economy that it had 14 years ago. During the intervening years, banking, retailing and other service industries, plus the new high-tech fields of semiconductors and computers, have become more important, and foreign manufacturers now hold 23% of the U.S. market, vs. 15% in 1970. One American worker in six was employed...
...burly, 6-ft. 5-in. U.A.W. leader, who has faced the tough task of setting his mark on the union since he succeeded the popular and almost legendary Douglas Fraser last year, felt he had little choice but to authorize the selective shutdown...