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Newspaper
Independent
Location
Long Beach, California, United States of America
Date
Mar 04, 1975
Page
6
Amstar Corp and Sucrest Corp cut wholesale sugar prices by about two cents per pound to 45.6 and 45.4 cents respectively with 100 pound bag rates at 44.4 cents. The refiners ship from Northeast plants to the Midwest and note further store decisions on passing the cuts to consumers.
New York AP report shows 43 percent of Americans would save a tax cut or rebate, 18 percent would spend, and 30 percent would use it for bills. About 19.9 percent would stash funds at home, with savers favoring banks and savings instruments.
The Senate Budget Committee staff presses an alternative budget claiming faster recovery by cutting personal income taxes by 30 billion and retroactive Social Security boosts. It projects 1975 unemployment around 8 percent and 1976 about 7.5 percent, with spending near 355 billion for 1976 and aims for May 15 congressional action.
Four top U S automakers report February production at a 14 year low of 371 058 cars down 34 from a year ago as energy crisis inventories shrink while $200 to $600 rebates spur steady February sales. GM output at 208 868 marks the smallest YoY drop among peers.
Ford built 88 275 cars last month down 49 3 percent from 174 239 a year ago Chrysler produced 53 934 cars down 51 percent from 110 393 last year AMC output 19 981 cars down 27 percent from 27 362 last year GM profits of 950 million in 1974 but plans to borrow 600 million to raise operating cash via open money market for first time in 21 years
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