Word: walkout
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...work can resume. As of last week only about 25% of some 39,000 local demands had been resolved, and they were the least difficult ones. An optimist in Detroit nowadays is someone who still expects the G.M. workers to return well before Christmas; the pessimists predict that the walkout will last until early next year...
...Cuts. The rapidly spreading effects of the strike will become worse as the walkout drags on. Government economists estimate that the loss to the gross national product is running at $1 billion a week, and that it will double if the stoppage continues through the fourth quarter. Largely because of the strike, steel production is down 11% from last year. Jones & Laughlin has cut its work force by 4,000 (out of 41,000), and other steel manufacturers have ordered layoffs. Last week, Wheeling-Pittsburgh Steel Corp., citing a "lagging economy and disruptive conditions," ordered...
...economists now debate whether this year's economic slide could justifiably be called a recession, they may be arguing next year whether so weak a comeback should be certified a recovery. The strike at General Motors will distort the picture for the next six months or so. The walkout, Arthur Okun estimates, will chop $1 billion off the gross national product for each week it lasts, and give a misleading impression of a deepening slump. In early 1971, Okun adds, catch-up production by G.M. will paint an equally deceptive "rosy glow" on the economy. David Grove believes that...
...free economy, conflicts between powerful competing forces are inevitable. U.S. labor has won many of its greatest advances only after striking. Yet the auto walkout comes at a particularly bad time, when the nation is troubled and its economy is sluggish. If the pessimists are proved correct and the strike drags on, it may well become a cause celebre for organized labor, drawing to the workers' side protest movements of all sorts. The real tragedy of the bitter battle is that it hits the U.S. when the country can ill afford any further social tension...
What damage will the auto strike do to U.S. business? If the workers re turn to their jobs within a month or so, the impact will be minimal- ex cept for the losses and layoffs suffered by G.M.'s suppliers. But if, as most authorities expect, the walkout lasts for six weeks or more, the effects could be unsettling. Last week Data Resources Inc., an economic consulting firm headed by Harvard's Otto Eckstein, a former member of the President's Council of Economic Advisers and a member of TIME'S Board of Economists, made some...