Word: strike
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Dates: during 1950-1959
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...week-old steel strike began to cramp the nation's economy. The Federal Reserve Board reported that during August alone, industrial production declined on the basis of the 1947-49 average from the June alltime record...
Personal income in August was also nipped by the strike, and fell to a seasonally adjusted annual rate of $381.4 billion, $2.6 billion below the July level of the nation's wage and salary payments. In five manufacturing industries closely allied to steel-primary metals, mining, transportation, fabricated metals and machinery-the August annual rate of personal income was down $3 billion from the July annual rate and $4.5 billion below the June rate. Since the steel strike started last July 15, an estimated 500,000 steelworkers and 155,000 workers laid off in allied industries have lost something...
...almost double the list price. Layoffs caused by lack of steel continued to mount. General Electric Co. began laying off 1,400 workers in its heavy appliance manufacturing center at Louisville, said it will have to close down its entire operation employing 11,000 unless the steel strike ends within three weeks. Allis-Chalmers Manufacturing Co. last week laid off 521 workers at two Midwestern plants, will drop 1,200 more by the end of the month. At General Motors Corp.'s AC Spark Plug Division plant in Flint, Mich, and Harrison Radiator Division in Lockport, N.Y., 900 employees...
...nation's railroads, among the outside industries hardest hit by the strike, have lost 1,340,000 cars of freight since the strike began. Last week the Association of American Railroads estimated that the strike has cost the roads $320 million in revenues through Sept...
...already begun to level off. In 1959's first half, manufacturers boosted inventories by a near-record $2.9 billion, raised the total to $52.1 billion, fast approaching the alltime high of $54.2 billion in mid-1957. But in July, inventories rose by only $100 million. The steel strike is another major factor in slowing inventory buying. "Steel is having its recession right now," explains a steel company economist. "Deferred demand will mean good and profitable business for us at least through...