Fraser seeks summit with feds on economy and auto industry
UAW President Douglas Fraser called for a summit with Commerce Secretary Baldrige Transportation Secretary Lewis and Trade Representative Brock to discuss proper roles among government and industry to boost the sagging economy. Ford recalls 4321 propane trucks from 1973 81 over carburetor safety. GMAC to offer 125 percent financing on leased cars, rate 5 points lower than current. Fraser warned July 1 tax cut may have limited impact and criticized officials for not understanding layoffs as he noted 223000 autoworkers idle with automation rising.
MENTIONED IN THIS ARTICLE
Detroit
UPI
United Auto Workers
Douglas Fraser
Commerce, Trade and Transportation
Fraser
Ford Motor Co
Automotive News
General Motors Assistance Corp
William Brock
Gore
Reagan
Federal Reserve Board
Paul Volcker
Volcker
GNP shows first rise after six months of decline
Government economists cheer a 0.6 percent GNP rise from April to June, the first up move after six straight quarters of decline. White House officials call it a bottoming signal, while a private economist warns the improvement alone does not prove an end to the recession. The Commerce Department’s partial data is the basis for the flash GNP estimate.
MENTIONED IN THIS ARTICLE
GNP
White House
Larry Speakes
Treasury
Donald Regan
President’s Council of Economic Advisers
Murray Weidenbaum
Weidenbaum
Otto Eckstein
Data Resources, Inc
Lexington, Mass
Commerce Department
Republic Steel forecasts larger Q2 losses amid recession
Republic Steel Corp. expects second quarter losses to exceed the prior 28 million dollar first quarter as high interest rates hobble demand and plant utilization. Chairman William J. De Lancey cites a record low order backlog, mass layoffs, and a sweeping cost reduction program affecting holidays, savings plans, and about 1,400 salaried positions. He notes the era’s weak economy and warns of further reductions.
MENTIONED IN THIS ARTICLE
Cleveland
UPI
Republic Steel Corp
William J. de Lancey
Republic
de Lancey
Inflation Pushes Stocks Mixed in Opening Trade
New York opening shows mixed stocks as government data reveal May consumer prices up 1 percent, annual rate 12 percent, the strongest inflation since September. Dow rises 1.72 to 791.67 in early trading while many issues fall. utilities remain active with notable moves in Texas Utilities, Cincinnati Gas & Electric, General Telephone, Pacific Gas & Electric, and American Telephone.
MENTIONED IN THIS ARTICLE
New York
New York Stock Exchange
Labor Department
Texas Utilities
Cincinnati Gas & Electric
General Telephone & Electronics
Pacific Gas & Electric
American Telephone & Telegraph
Also Mentioned on This Page
United States
Japan
U.S
Business News
Amy Richards
Detroit Free Press
Commerce
Malcolm Baldridge
Transportation
Drew Lewis
United Press International
Eckstein
Republic Steel
Regan
National Association of Accountants
Fed
Congress
Tandy Corporation
Ar —.S
Radio Shack
Tandy
Tre
KNOCI
Port 'Nvest Mora
Northern Savings & Loan
Omica
Lorain County
Northern Savings and Loan Company
Lorain
Elyria
College Park
Abs Rd
Dgevile
Carter Mon
Ind
Alliac
Anisalm Mattel
Alcoa
AMAX
MobilCorp
Am Airlines
Monsanto
AmCan
PhilaElec
Chrysler
Colgate
RCA
Eastern Air Sur
Pierre R Smith
Copohitak
Ford Motor
Ganci
Goodyr
TC Industries
Gracew
Lear
Great A&p
Miland-Rome
Gato
Ty Hersek
HannaMin
Searle
Gd) Co
Ny Inco Ltd
Othe Southern Co
Bacerr Dales
Tahtat
Um Retioga
Wenger
Wroremath
Wellesley F
Royal
Royal Business Equipment
Elyria, O
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