Masonry Magazine August 1967 Page. 28
Washington Wire
(Continued from page 23)
can yield a lot more output with little more labor. In fact, unit labor costs have already begun to level off.
The experts figure that profits will be up 5% in the second half-almost wiping out the first half loss. Earnings will continue to rise into 1968-with those lines that declined most rebounding most autos, steel, construction, and retail trade. The President's surtax will, in effect, offset half the gains, still leaving modest pluses. They won't match the hugh gains of 1965-66, but will be preferable to losses.
A NEW SURGE IN CONSUMER PRICES IS GO-ING TO ADD NEW FUEL
to demands the unions will make in months ahead. It won't show just in autos, either. Labor will say that rising wages have not kept up with rising living costs, for a large number of work- ers; real purchasing power has declined for many. And now union leaders will claim that higher taxes are going to pinch more.
The labor chiefs will be under terrific pressure from the rank-and-file to bring home even larger gains than the big packages of 1966. Wildcat strikes and frequent rejection of settlements worked out by leaders testify to the great dis content members feel. This accounts for much of the new union militancy. But management is reluctant to give in, and will resist extreme de- mands. So strikes are likely.
THE RISE IN U.S. EXPORTS WILL PROBABLY BE SLOWED
some in months to come by slowdowns that are hitting the economies of West Europe. History shows that a business faltering means reduced buying abroad by any country. And, at this moment, West Germany is going through a recession. This is cooling the French economy, too. In time, Italy might be affected, though it is now enjoying a boom. U. S. machinery and materials shipments might be hurt most. The trend will still be up, though, and may still outstrip the rise in this country's imports, assuring a somewhat bigger trade balance.
PRESIDENT JOHNSON'S POLITICAL STOCK KEEPS RISING
-more for things others do than his actions the Israeli victory, for example, or the GOP's failure to unite on a candidate. Viet Nam continues to becloud his image. But political observers rate him stronger than the opinion polls show.
The GOP race is still tough to figure. Many doubt Nixon's or Romney's popular appeal. Reagan is new. Rockefeller talk is not serious. So thinking is turning to dark horses.
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MASONRY. August, 1967