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Economy / Inflation / Greenspan / Lilley / General Motors #488616

NBC Evening News for Thursday, Jun 10, 1976
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(Studio) Chairperson Council of Econ. Advisers, Alan Greenspan, tells Joint Econ. Committee unemployment will be under 7% by end of the year; gross national product will show 7% rise and inflation will improve.
REPORTER: Floyd Kalber

(DC) [GREENSPAN - says recovery underway. Future fiscal policies must avoid undue risks.]
REPORTER: No reporter given

(Studio) Representatives of Council on Wage and Price Stability warn White House of possible inflation increase next year
REPORTER: Floyd Kalber

(DC) [Director Council on Wage and Price Stability William LILLEY - notes possible inflation increase] Council report shows auto parts prices have incrd. at 10% rate pushing up auto insurance costs by 55%. Med. costs up 14% in 1976. Higher steel prices expected to cause other industry price hikes. Auto industry affected by higher steel prices. Auto workers' wage demands could hike prices further. Higher foreign oil prices to add to new inflationary spiral. Ford and administration reject idea of talking corps. out of price increases [LILLEY - notes practice of backboning as opposed to jawboning.] Backboning involves releasing documents meant to give consumers strength to refuse to buy products whose prices were unjustifiably raised.
REPORTER: Irving R. Levine

(Studio) General Motors Corporation 1977 model cars and trucks to increase price by 6%.
REPORTER: Floyd Kalber

Kalber, Floyd;
Levine, Irving R.

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