Word: slowdown
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Actually, the market was only reflecting the uncertainty of large segments of U.S. business. For months, economists had been forecasting a slowdown in the first and second quarters, when civilian output would be deeply cut before arms orders could fill the slack. But the slowdown seemed a little worse than expected. The cotton and wool industries were in the doldrums; the rayon industry was in the first real depression in its history. New steel capacity would soon be coming in at the rate of about 1,000,000 tons a month, and there was talk that the shortage of some...
Treading Water. Despite the slowdown, there was no general sense of gloom. But with retail sales lagging 6% below the scare-buying period of 1951, there was a feeling of caution, except where big bargains were offered (see below). The trouble was, said the Commerce Department, that people were unaccountably saving money at a record peacetime rate of $20 billion a year, instead of spending it. Said a Chicago businessman:"People are scared to move out and do things. There is too much insecurity over Korea and the election in people's minds. Everybody is buttoning...
...years before World War I, Leon Jouhaux, radical young secretary general of France's labor federation (C.G.T.), raised the hair of his countrymen by plunging Paris into darkness, freezing the railroads and docks, introducing the quickie strike (grève éclair) and the slowdown (grève perlée). A red-hot anarcho-syndicalist risen from the factories, Jouhaux liked to boast that if war came, labor in all Europe would quench it by a general strike. But when war came, Jouhaux was a Frenchman after all. ("Heinous traitor," shrieked Lenin...
...Fields. Once, when the CIO textile union balked at letting members step up production with the new machinery, Kahn's firmness took the form of a slowdown strike by management. For two months he stopped hustling for new business, cut production. Says Kahn: "That convinced the union that it would gain more by agreeing to step up output-and it has. While output has doubled, the earnings of our employees have tripled." (Kahn has had but one short strike among his 4,500 employees...
Last week in Communist Yugoslavia, Tito was learning Stalin's old lesson, the hard way. All over Yugoslavia, peasants were on a slowdown strike against Tito's collective farms and Tito's forced deliveries of grains to the state. The peasants had harvested the grain last month on schedule. Yugoslavia's breadbasket was full; for the first time in years, the government prepared to offer wheat for export at the annual Zagreb Fair in September. But farmers were threshing only a fraction of it. On the collective farms (which cultivate 25% of Yugoslavia's farm...