Word: steels
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Organized labor, in turn, will have to be more flexible on wages and be willing to give up rigid work rules that lead to overmanning and inefficiency. The recession may have been a turning point for unions. After rancorous negotiations, workers in both the auto and steel industries agreed to an unprecedented combination of pay cuts, changes in work rules and givebacks of benefits. But wages are still comparatively high. In the U.S., autoworkers at the Big Three companies now average $21.50 an hour in wages and benefits, compared with $12.60 an hour in Japan. Now that the recession...
...self-sufficient economy. Imported goods now account for 19% of American consumption, up from 9% in 1970. Foreign competitors, who once concentrated on simple, labor-intensive products, such as clothing and toys, have quickly climbed up the industrial ladder. The U.S. imports 28% of its cars, 18% of its steel, 55% of its consumer electronics products and 27% of its machine tools. The challenge in these industries, which was first posed by Japan, now also comes from such fast-growing countries as South Korea, Taiwan and Singapore...
...semiconductors and computers, while old industries will continue to suffer. A committee of academics, Congressmen, labor leaders and business executives, chaired by Senator William Roth of Delaware and Congressman Don Bonker of Washington, will soon issue a report concluding that by the 1990s, employment in such smokestack industries as steel and autos will shrink from the present 20% of the labor force to perhaps...
...allow its basic industries to atrophy and still remain a major industrial and military power? McDonald's now employs more workers than U.S. Steel. Can such trends continue? Business leaders in the older sectors of the economy insist that they cannot. Says John Nevin, chairman of Firestone Tire & Rubber: "It's utter nonsense that we are going to become a high-tech and a service economy. The high-tech companies have more manufacturing offshore than here. The idea that we can have an economy by selling hamburgers to each other is absurd...
...such low-paying categories as secretaries, nurses' aides, janitors, sales clerks and cashiers (see table). Although the total numbers are not as large, the fastest percentage growth will come in highly technical professions like computer programming and software writing. Those are not skills that a 45-year-old steel-worker can pick up easily...