Word: slowdown
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Amexco takes good care of its own money too. Earnings last year were $9,200,000, and 1962 promises to be even better. The travel business has bounced back from a slowdown last year, and even Amexco's credit card operation, a consistent money loser since its introduction in 1958, has finally moved into the black. To turn the trick, Clark a year ago increased credit card dues from $6 to $8 a year, tightened credit and ordered his 100-man security force to pick up cards from deadbeats...
...This slowdown came about because of a government effort to put the brakes on Japan's runaway economic expansion...
More Pay, Fewer Hours. Behind the slowdown in German growth lie severe shortages of two vital economic ingredients: manpower and money. In a nation where World War II wiped out much of a generation, there are now 562,000 job openings and barely 100,000 unemployed. Capitalizing on this, Germany's long-docile labor unions last year pressured wages and fringe benefits up 13.6% to $1.20 an hour, the highest in the Common Market; simultaneously, they pushed the average work week down to 41.3 hours, lowest in the Market. German executives, who once boasted of their nation...
...addition, about two-thirds of the U.S. foreign aid grants are now "tied" to a requirement that they be spent on U.S. goods. The direct investments of U.S. business abroad are down from $1.6 billion in 1960 to $1.2 billion this year, partly because of the signs of economic slowdown in Europe. Meanwhile, past investments abroad are beginning to pay off handsomely, with repatriated dividends and profits rising from $2.8 billion in 1960 to $3.6 billion this year. Also helping is the Treasury's determined drive to firm up short-term interest rates to slow the flight of capital...
...particularly the six-nation Common Market-was the only major part of the world that substantially expanded its foreign commerce in 1961. Items: > Total world exports rose 4% last year to $131 billion, but the increase was far below 1960's spurt of 11%. Reason: a general slowdown in economic expansion. >Trade among Western European nations-up from $29 billion to $33 billion -accounted for two-thirds of the world increase in exports. European exports of the Common Market Six were responsible for half the world increase...