Inflation cools as wholesale price index rises slowly
May wholesale prices rose four tenths of 1 percent seasonally adjusted, less than April’s 1.5 percent, driven mainly by higher farm prices. Industrial commodity prices gained two tenths of 1 percent, with a three month period showing a 5.5 percent annualized rise. Officials expect a sluggish but eventual recovery with investment turning up late this year.
MENTIONED IN THIS ARTICLE
N.Y. Times News Service
Washington
Labor Dept
Senate rejects overseas troop cuts and preserves defense programs
The Senate defeated liberal efforts to cut troops overseas by 200,000 and to halt the B1 bomber program while advancing defense initiatives. A 57 to 32 vote kept $600 million for the B1 and supported airborne radar, hydrofoil and ship development, and Naval Reserve funding amid ongoing base closures in Thailand.
MENTIONED IN THIS ARTICLE
McGovern
Goldwater
Air Force
James Reston
U.S
Henry M. Jackson
D-Wash
Senate
Naval Reserve
Ford signs act to restart stalled highway projects
President Ford announced he signed the Federal Share of Highway Projects Act to let states reallocate federal highway funds and begin federally aided construction without matching money until September 30. The move aims to lift spirits in the highway industry and revive work.
MENTIONED IN THIS ARTICLE
Washington
UPI
Ford
House expands review time on presidential oil decontrol
The House passed 230 to 151 a bill to give Congress 15 days to review any presidential decontrol of oil prices and extend the 1973 Act expiration to December 31. It follows Ford's pledge to lift controls on old domestic oil priced at 5.25 a barrel, while Senate talks focused on energy process reform.
MENTIONED IN THIS ARTICLE
Washington
Housing subsidy clears House amid veto risk
The House approved a 1.35 billion housing subsidy bill to aid 500000 middle income families buying new homes and 300000 homeowners facing foreclosure. It would offer interest subsidies for homes near 30000, plus up to 250 monthly loans for 24 months at 8 percent, targeting those just above average income. Backers claim it would spur construction or rehabilitation of 500000 housing units.
MENTIONED IN THIS ARTICLE
Washington
UPI
Levi critiques national no fault auto insurance plan
Attorney General Edward H Levi told the Senate Commerce Committee that a proposed national no fault auto insurance plan is probably unconstitutional and would erode state sovereignty. He urged allowing states to enact their own no fault schemes, noting 14 states had already adopted such statutes since 1972.
MENTIONED IN THIS ARTICLE
Washington
UPI
Edward H. Levi
Congress
Levi
Senate Commerce Committee
Senate
House
Senate acts to move voting rights extension bill forward
The House passed the 10-year extension of the 1965 voting rights act 341 to 70 on Wednesday and sent the measure to the Senate where it was placed on the calendar by Senate Democratic Leader Mike Mansfield. The move ensures the bill avoids Judiciary Committee delays and signals likely Senate approval.
MENTIONED IN THIS ARTICLE
Senate
Mike Mansfield
Washington
UPI
House
Mansfield
Also Mentioned on This Page
Secretary of Commerce
Rogers C. B. Morton
Soviet Union
Gravel
United States
Sen
Barry Goldwater
R-Ariz
Asia
Utapao
Udorn
Thailand
Ford Signature
Edward Levi
Judiciary Committee
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