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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jun 09, 1958
Page
3
AP reports rising inflation concerns despite a recession as wages rise, contracts set automatic increases, and steel and aluminum sectors anticipate price hikes to cover higher costs. Observers warn that producers may push prices higher even with weak demand, fueling further inflation worries.
LAFF A DAY notes aluminum makers cut pig metal from 26 to 24 cents a pound due to soft demand and cheap Russian supply in Europe. Reports say Russia and satellites off er better terms abroad while European aluminum remains cheaper even with freight. Auto wage talks stall. auto firms offer two year extensions with built in raises. Government pay hikes for armed services and federal workers add to deficits and inflationary pressure, as buyers eye spending funded by borrowed money.
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