Word: spiralling
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What makes the inflationary spiral particularly crippling is that carloadings, the bread and meat of railroading, have fallen 2.9% up to mid-August, partly reflecting some tapering off in the economy, partly bad weather (floods and crop failures). Livestock and products, though only a small part of loadings, dropped 24.5%; lumber and other forest products, hit by a decline in housing starts, were down 12.9%. Coal was down 1.1%, merchandise shipments of less-than-carload quantity down 8.7%. Most important, the miscellaneous category that includes almost all U.S. manufactured goods and makes up roughly 50% of all loadings dropped nearly...
From this Blough concluded: "No one company, no one industry, no one union can alone stop the march of inflation. Neither the steel industry or any other industry ever sets the wage pattern in America, for the postwar wage pattern has been a never-ending spiral in which each industry, in its turn, is called on to pay a little more than the preceding industry did, and the next industry must then pay a little more than that...
...procession of economists, financiers and assorted experts testifying in Washington on the course of the U.S. economy. Commerce Secretary Sinclair Weeks added his bit last week. Secretary Weeks's appraisal: "Spotty." He was worried about inflation's steady spiral, which pushed living costs to an alltime high in June (see NATIONAL AFFAIRS). Yet the economy seemed well able to absorb the high prices-at least for the moment. In 1957's second quarter, the gross national product climbed to an annual rate of $433.5 billion, some 5% more than last year; half the gain...
...executives of the major corporations who fix prices to maximize their profits rather than production and employment." Even ex-Socialist Reuther knew better than that. But what was encouraging in the hassle was that both management and labor-each understandably edgy about the rising criticism of the upward spiral-were so anxious to defend their positions before the public. From such edginess could come a new caution which ultimately should benefit management, labor and the U.S. economy in general...
...Last summer the powerful British Medical Association and its trade-union shadow, the British Medical Guild, decided that something must be done. They drummed up doctors' indignation, presented the government with a demand for a 24% across-the-board increase. Trying to check Britain's wage-price spiral, the government flatly refused...