Auto production schedule high despite lag in sales
Detroit reports the Big Four automakers will start June production with three plants closed and about a quarter of the labor force idle. They plan 623000 cars, 21000 fewer than planned, boosting second-quarter output to 1,837,000. Ford cuts and Ford plant shutdowns raise idled workers to 165566 while long-term layoffs fall overall.
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New York vows to pay its bills amid fiscal crisis
Comptroller Goldin said New York City will meet its upcoming $1 billion in obligations through a mix of state and federal aid plus financial-market support. Mayor Beame proposes an $11.98 billion budget with 37,315 layoffs to close the gap. Unions plan withdrawals totaling about $15 million from First National City Bank over its alleged role in the crisis.
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Harrison Goldin
New York City
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Washington
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Natonal City
Federal agencies faulted for poor handling of complaints
A $56 036 study for the White House finds federal agencies vary in response quality and pace. The FCC FEA HUD and ICC rate poorly with many complaints left unanswered, and no uniform policies for telephone or mail inquiries.
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Railroads post first quarter loss amid industry restructuring
New York report shows railroads operating at an overall loss for the first quarter, with attention turning to unprofitable freight segments. Duplication along main lines and underused branch lines drive potential savings, including up to 200 million from line eliminations and 100 million from pruning light-density routes. Conrail design aims to consolidate bankrupt carriers by cutting 7 200 branch lines, about 28 percent of total mileage.
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No saving on oil via Suez seen
Washington experts say reopening the Suez Canal would not lower US oil shipping costs. Shipowners note higher Egypt tolls, limits on supertankers, and abundant tanker capacity have pushed rates down, making Cape routes still cheaper for many shipments.
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UPI
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British voters favor remaining in Market in referendum
Polls indicate a roughly two to one edge for staying in the European Economic Community as Britain nears a national referendum. Inflation, trade deficits, and unemployment frame the debate, with Labour split over whether to renegotiate terms and stay in the bloc.
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Britain
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Harold Wilson
European Economic Community
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Canada
End of the Worst Slump Signals Economic Recovery
The era of the worst downturn since the 1930s may be ending with the 1975 tax rebates and bonuses boosting take-home pay. A housing upturn and rapid inventory restocking are seen as key triggers, while inflation slows and the stock market turns upward, reinforcing optimism about recovery.
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U.S
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