Word: spiralled
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Dates: during 1970-1979
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...week the island nation of Jamaica announced plans to triple taxes and royalties on bauxite exports. The move will force up aluminum prices in the U.S., which gets 60% of its bauxite from Jamaica. Also, predicts Joseph Pechman, the U.S. is "going to begin to see a wage-price spiral." Wages have been rising at an annual rate of only 6½% to 7%, but Pechman believes that unions in an era of soaring inflation will become much more militant in demanding big raises...
Beset on all sides by worsening economic news-a deep dive in labor productivity, a continued spiral in interest rates, a lag in business spending for plant and equipment-the Nixon Administration clings fast to an optimistic scenario. It insists that the slumping economy will turn up and the nation's frightening inflation rate will go down, helped by the Federal Reserve Board's continuing efforts to hold down growth of the money supply. Last week, Federal Reserve Chairman Arthur Burns pledged in unusually strong terms to pursue that policy-even at the price of further hurting...
...economic news had rarely looked so discouraging. National production in the first quarter dropped more sharply than at any time in the past 16 years. Consumer prices continued to spiral up at a dizzying double-digit rate. Interest rates on some bank loans hit an alltime high. If the new figures had been deliberately chosen to do so, they could hardly have underscored better the dimensions of the job that faces Federal Energy Chief William Simon, who was nominated last week to be Secretary of the Treasury. Simon may end up with more responsibility than anyone except President Nixon...
...commodity price declines have not yet put much of a dent in retail food prices, which are still reflecting the dizzying spiral of the last two years. But if the raw-goods prices hold around present levels, consumer prices eventually should at least level off. They would still be distressingly high, but consumers can take some consolation from the thought that the price upheavals of the last two years are not likely to be repeated...
...Arab nations increase their oil output, most economists expect the world price of crude to drop; and, indeed, last month the major oil-exporting nations appeared to recognize that the dizzying upward price spiral had ended. At a meeting in Vienna, they pledged to hold the line at $10.80 per bbl. until June 30. Last week, however, Indonesia surprisingly lifted its price to $11.70, thus violating the freeze agreement...