Word: welling
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Dates: during 1970-1979
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...shortages of last spring that triggered Chrysler's ruinous 1979 sales slump (indeed, recently Ford and General Motors have also been losing money on their U.S. operations). Yet the fundamental problem has been poor management; Chrysler has consistently failed to come up with enough models that sell well, and its share of the U.S. auto market has slumped from 14% three years ago to 11% now. The firm's total indebtedness, including that of its financial affiliate, now stands at more than $5 billion, spread among some 250 different banks and other institutions, and lenders are wary...
...week: "It would be unreal to expect labor to accept continuation of a program that was successful in holding down wages but a disaster in holding down prices." And one official on the COWPS, which administers the standards, sheepishly maintained that the anti-inflation effort "could be just as well off without a guideline program...
...earners, the hourly pay of union employees grew by only 8.3%, while that of nonunion workers edged upward just 7.2%. In other categories, the Labor Department reports that the earnings of an attorney rose by 8.9% on average; that was less than his stenographer's 12% increase but well above his file clerk...
...period of rapid inflation, well-organized workers and those with scarce skills can protect themselves better, but even they eventually fall behind rising costs, and their living standards decline. Like Oliver Twist, American workers are expected to begin asking, "Please, sir. I want some more." The minimum wage is already due to rise next Jan. 1 from $2.90 an hour to $3.10. Nonunion workers are likely to start demanding greater pay hikes to catch up with both union salaries and inflation...
...coddled the U.S. air travel industry for 40 years. Generally, the skies were opened to many new carriers, and operators were given unprecedented freedom to change routes, flight schedules and even their fares. Result after twelve months: a spurt of competition that has brought benefits for travelers as well as some headaches, but that may be cut short by new financial woes afflicting the industry...