Word: digitalizing
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...most worrisome threats to the budding economic recovery-and to U.S. living standards-was the sudden resurgence of double-digit inflation in June and July. Last week, though, the Labor Department had some good news for Americans. It reported that the rise in the Consumer Price Index slowed radically to an annual rate of 2.4% in August, from 15.4% the previous month. Retail food prices, which had shot up in early summer, did not rise at all in August. The purchasing power of the average worker's paycheck was 1.1% higher than in August 1974, marking the first time...
...would be about time. The industry is still feeling the effects of the energy crisis and the nation's bout with recession and double-digit inflation, which cut deeply into Americans' buying power−and Detroit's sales. So far this year, in fact, sales of domestic cars have been even softer than they were in 1974. Last year U.S. automakers sold 7.4 million cars, down 24% from 1973's record 9.7 million; this year the total may well slip under 7 million for the first time since 1962. Yet imports have been able to expand...
...headed for another prolonged struggle with double-digit inflation? So it seemed last month when the Government announced that consumer prices had surged ahead at a compounded annual rate of 15.4% in July. But the latest signs are inconclusive, if by no means reassuring. The Labor Department reported last week that wholesale prices−which usually foreshadow consumer price movements by several months−;rose by "only" 0.8% in August, after a big 1.2% jump in July. The August increase, which translates into a 9.6% annual rate, was held down mainly by a drop in prices for farm products...
...three economic powers reject this argument for one reason: inflation has again become a serious concern in these nations, and greater stimulation would increase the danger. While the U.S. worries about a return of double-digit inflation (see box), prices are rising at an 11.7% pace in Japan and at a 6% rate in West Germany, where inflation is a national phobia. Symptomatically, West Germany's Social Democratic government recently announced a $2.3 billion spending program to combat rising unemployment, but coupled it with long-term austerity measures to limit the inflationary impact...
When it comes to fluctuating prices in the current renewed surge of double-digit inflation, those for postage stamps are no exception. Uncertain as to just what the rate for first-class letter mail will be by Christmas, the U.S. Postal Service is printing 1.5 billion 1975 Christmas stamps that come in two designs but have one common distinction: no postage is indicated on them. Last week, however, it became almost certain that Americans will be paying more for first-class postage, if not by Christmas then soon thereafter. A new series of recommendations by the Postal Rate Commission could...