Word: slowdowns
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...long last Americans are putting less into their savings accounts. The savings rate dropped from 8.2% in the second quarter to 7.7% in the third quarter. The decline was partly due to a slowdown in the growth of personal income caused by the wage freeze. People did not get their expected raises, but they continued to spend at least as much as before, and so saved less...
...Powerful U.S. officials are pressing for a speedier settlement than Connally had envisioned, at possibly a lower price than he had hoped to obtain from foreign nations. Federal Reserve Board Chairman Arthur F. Burns has told President Nixon that an agreement is urgently needed to prevent a world economic slowdown. Foreign Policy Adviser Henry Kissinger has privately warned that Connally's abrasive tactics may invite foreign diplomatic reprisals. Trade Adviser Peter G. Peterson has begun to recognize that the 10% import surcharge, which was his idea, offers less and less bargaining leverage for the U.S. the longer it continues...
What is disturbing is not so much labor's rhetoric as its increasingly clear policy of noncooperation with the over all goal of Nixon's program: the slowdown of the wage-price spiral. The late freeze did bring some gains against inflation; the consumer price index rose a mere .1% in October, its smallest increase since early 1967. But prices will shoot up again if wage contracts continue to call for annual increases of 10% and more, and the price boosts will quickly wipe out pay gains. So far, though, union leaders have refused to apply the brakes...
September starts fell to an annual rate of 1,958,000 units from 2,235,000 in August, mainly as a result of a slowdown in apartment building. Developers backed off from planned projects because they were uncertain about the implications of a possible continuation of Government rent controls. Another reason for curtailing starts: builders anticipated last week's cut, from 6% to 51%, in the banks' prime interest rate, and are waiting to see if other interest rates also decline. As a result of last month's slowdown, unused permits now exceed starts, a rare circumstance...
...their major customers' production figures reach 80%. Another problem is that foreign competitors have been underselling U.S. manufacturers by as much as 15%. Even though Nixon's program wilt tend to equalize prices, the overseas companies will present another threat. As a result of the recent economic slowdown abroad, they have developed excess production capacity and can offer quick delivery of tools...