Inflation Pressures Deepen U S Consumers' Strain
UPI reports double digit inflation will erode buying power through 1981. Food and energy costs surge with predicted 12-13 percent food price increases and gas at 1.50 a gallon. High interest rates, rising housing costs, and Social Security hikes bite into households as analysts warn of continued poverty, debt, and reduced living standards. The article cites Lareau of the Consumer Credit Counseling Service, Tepper Marlin, Juster, Murray, Ehrenhalt, and labor statistics on price rises and productivity.
MENTIONED IN THIS ARTICLE
New York
UPI
Agriculture Department
Ronald Reagan
Jerry Lareau
Lareau
Bureau of Labor Statistics
Alice Tepper Marlin
Council On Economic Priorities
Reagan
Thomas Juster
University of Michigan
Institute For Social Research
Alan Murray
Citibank
Carter
Labor Department
Samuel M. Ehrenhalt
Labor Statistics
Markets Rally on Higher U.S. Rates and Energy Metals Moves
The dollar peaked versus the Italian lire and rose against the West German mark as private economists forecast U.S. rates may reach record highs in 1981. Gold fell across London Zurich Hong Kong and New York with prices around $556 an ounce. Silver eased to about $14.30 in London and $14.53 on the NYME. Ford’s overseas sales surpassed domestic for the first time, while U.S. auto layoffs rose to about 195,350 hourly workers with 23,250 more temporary layoffs looming as eight plants close. The ICC ordered railroads to end rate agreements within 90 days to spur competition. Major corporate results showed varied gains with Abbott Laboratories, International Paper, Minnesota Mining, and Raytheon reporting earnings growth. Rockwell posted a loss in the first quarter of 1981.
MENTIONED IN THIS ARTICLE
U.S
London
Zurich
Hong Kong
New York
Commodity Exchange
Toyota
Abbott Laboratories
International Paper
Minnesota Mining and Manufacturing
Rockwell International
Raytheon
GE Reports 1980 Earnings Rise 7 Percent
General Electric Co. reported fourth quarter 1980 earnings up 7.3 percent from 1979, reaching 411 million dollars or 1.80 a share on 6.92 billion in sales. Full year earnings rose 7 percent to 1.51 billion dollars, with 25 billion in sales. The Fairfield based firm notes higher revenues and margins across segments, and a record 1.93 billion spent on capital in 1980. GE operates plants in Syracuse area, Auburn and Utica with products spanning consumer goods to engines and minerals.
MENTIONED IN THIS ARTICLE
General Electric Co
Reginald Jones
Fairfield
Mobil Corp
Standard Oil Co
Ghia
Getty Oil Co
Texaco
Shell Oil Co
Belridge Oil Co
Ashland
Cal
Saudi Arabia
United States
Mobil
Exxon Corp
California
Sohia
Getty
Sohio
Los Angeles
Oil earnings mixed amid lower demand
Texaco and Ashland report disappointing fourth quarter results as weaker fuel consumption kept price increases from fully offsetting crude costs. Texaco's Q4 earnings fell 6.3 percent to $0.86 a share on $14.1 billion sales, while Ashland plunged 73 percent to $0.55 a share on $2.07 billion sales.
MENTIONED IN THIS ARTICLE
NEW York
Texaco Inc
Ashland Oil Inc
Texaco
Ashland
United States
Bankruptcies Slow in Some Regions as Failures Rise Nationwide
Dun and Bradstreet reports show New Jersey New York and Pennsylvania had the lowest regional increases in business failures for the first three quarters of 1980 with rates between 19.5 and 21.5 percent. Meanwhile Kentucky Tennessee Alabama and Mississippi saw an 87 percent jump and Maryland Virginia the Carolinas and Florida a 74.7 percent rise. For the week ending Jan 15 total failures reached 334, up from 250 the prior week and 212 a year earlier.
MENTIONED IN THIS ARTICLE
New England
Middle Atlantic
New Jersey
New York
Pennsylvania
Dun & Bradstreet
East South Central
Kentucky
Tennesee
Alabama
Mississippi
South Atlantic
Maryland
Virginia
North
South Carolina
Florida
Key Bank offers renegotiable rate mortgages in Central New York
Key Bank of Central New York announces renegotiated rate mortgages starting at 13.75 percent plus two points, discontinuing fixed rate loans. President William H. Stevens says long fixed rates are no longer feasible. Down payment set at 25 percent under state law. Interest may adjust up to 0.5 percent annually, total change not to exceed 5 percent over 30 years. Rate set by monthly index from the Federal Home Loan Bank.
MENTIONED IN THIS ARTICLE
Key Bank of
Central New York
William H. Stevens
Key Bank
Stevens
Citibank
New York City
New York
Federal Home Loan Bank
Reaching 30 Marks a Turning Point for U S Economy
The 1980s begin with Americans aging to an average of 30, higher than most of the world and a level last seen in 1950. This maturity is linked to a more skilled, productive workforce, potential inflation easing, and shifts in unemployment as the labor force stabilizes.
MENTIONED IN THIS ARTICLE
Easterlin
U.S
Tex
Also Mentioned on This Page
the Consumer Credit Counseling Service
Melvin C. Holm
Carrier Corp
National
Business Digest
Ford
Ford Motor Co
International
Canada
Interstate Commerce Commission
ICC
Chrysler-Canada
Chrysler
Sahio
Alaska
Prudhoe Bay
Cleveland
America
University of Pennsylvania
Richard A. Easterlin
Hasterlin
Brooke Shearer
By Sylvia Porter
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