Word: slowdown
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...unions that represent 6,500 employees. M.T.A. officials feel that the old private owners of the L.I.R.R. allowed the unions to run the railroad and perpetuate featherbedding. Union men fear that the M.T.A. intends to eliminate jobs. A legacy of labor-management bitterness has been left by a slowdown last summer in the Dunton car-repair shop, which has never returned to its old operating pace, and a week of wildcat strikes and slowdowns that greeted the introduction of a new timetable last fall. One commuter recently phoned for train information and was told by a recorded voice that...
...months. Paul McCracken, the President's chief economist, rather charitably calls that tense period of waiting and watching "the awkward months." Last week, seven months after Washington's policymakers set the anti-inflationary course of tight money and tough budgeting, there were indications that the economic slowdown is starting...
...least temporary relief, it is negotiating in Washington for the second fare in crease this year. Air travel has traditionally reflected the ups and downs of the U.S. economy, since, as one air line executive puts it, "vacation dollars are expendable dollars." Inflation and the incipient economic slowdown have cut into travel for both business and pleasure. In the first six months of 1969, passenger travel rose 11% from the 1968 level, 4% less than anticipated. During June, six of the eleven trunk carriers reported significantly lower increases...
NERVOUS about inflation, tight money and the prospects of a business slowdown, Wall Street has more than enough to worry about these days. But last week the words and deeds of some very important people further unnerved investors. At the U.N., U Thant reported that fighting along the Suez Canal had erupted into "open warfare." It was the kind of news that Wall Street hates. In the U.S. Senate, Finance Committee Chairman Russell Long raised prospects of a long delay before action on extension of the surtax, and Wall Street was bothered even more. Most disturbing of all, Treasury Secretary...
...further depressed by a cutback in capital spending at Chrysler and news that retail sales dropped in June for the second straight month. These indicators might bring some cheer to the Federal Reserve Board, which has been desperately looking for evidence that its restrictive money policy has produced some slowdown. But New York's First National City Bank warned in its latest economic letter that, "to hold fast to a restrictive policy until the signs of an economic downturn are unmistakable means that the policy will have gone too far." Reason: economic indicators do not clearly signal a recession...