Word: digital
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Dates: during 1970-1979
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...annual rate of 13.4% in the first five months of this year. The increase was led, unsurprisingly, by gasoline, which rocketed up at a 55% pace. The new OPEC boost may doom Administration efforts to wrestle the figure down below the double-digit range this year. Directly it will kick the prices of gasoline, heating oil, diesel fuel and the myriad products made from petrochemicals yet higher; indirectly it will nudge up many other prices?apartment rents and foods, for example...
...either case, the increase has menacing consequences for the oil-burning world. It will further fan the inflation that is raging at double-digit fury in the U.S., Britain, France and Italy. U.S. Treasury Secretary Michael Blumenthal estimates that petroleum increases alone have so far this year jacked up the inflation rate by 2.5% in the industrial countries. A further $5.45-a-bbl. boost is likely to siphon an additional $80 billion a year out of the major industrial nations, reducing their citizens' ability to buy food, clothes, houses?indeed, everything except oil. Result: further slowing of growth rates that...
Britain. Despite the efforts of Margaret Thatcher's new Conservative government to rein in double-digit inflation by trimming spending, the country's economic outlook remains bleak. Though Britain's North Sea oil supplies have eased its dependence on-OPEC, British exports are still not strong enough to pay for its imports...
Though the label hardly seems apt any more, even self-styled moderate OPEC members are talking of a double-digit increase. Saudi Arabia promises to try to "hold the line" with a raise of a mere 20% to 25%, arguing that this will remove the need for premiums and surcharges. But only a sharp increase in production will accomplish that, and so far the Saudis have given no sign of being willing to boost their output of 8.5 million bbl. per day by more than...
...spend on new factories, new equipment and new skills. Partly because of this, over the past ten years, annual productivity growth has slowed to about half the average 3% increase of the 1960s. This has been a major cause of slow economic expansion, the debilitated dollar and double-digit inflation...