News digest UAW bitterly disappointed DETROIT (AP) A "bitterly disappointed" United Auto Workers president says the union will ask President Carter to override a federal decision not to limit auto imports a decision he says could cost more than 100,000 American jobs. Though conceding such predictions were "awfully hazy," Douglas Fraser said, "You're talking about well over 100,000, minimal" lost jobs. The International Trade Commission announced Monday it would not propose a tariff increase or quotas on imports of foreign cars or trucks. Commissioners agreed the rising tide of imports, particularly from Japan, has seriously damaged U.S. automakers, but by a 3-2 vote it ruled that imports were not the sole cause of the domestic auto industry's woes and did not justify the protections sought by the UAW and Ford Motor Co.
Ford Chairman Philip Caldwell criticized the ITC decision, saying, "'This country cannot afford the continuing exploitation of our automotive market by the Japanese." Imports currently have a 26 percent share of the U.S. market, up from about 15 percent in 1975, according to industry figures. Four out of five imports are Japanese-made. Ford and the UAW asked the ITC to recommend country-country quotas on imports at about the 1977-78 level roughly 1.7 million cars and trucks a year for three years, with small increases in the following two years. The UAW also asked an increase in the tariff on cars from 2.9 percent to 20 percent.
In its decision, the ITC held that the domestic auto in- Inflation is hitting WASHINGTON (AP) With Americans on an economic treadmill and purchasing power at a virtual standstill, rising interest rates and persistent double -digit inflation are taking a new toll on sales of houses and retail goods. The Commerce Department reported Monday that newhome sales fell 14 percent in September, while October retail sales edged down for the first time in five months. This overall downturn was attributed heavily to the recent upsurge in interest rates, a trend that was underlined Monday when 13-week Treasury bill rates rose to 13.514 percent, the highest level since early April. Six-month Treasury bills dipped slightly, but they still stood at 13.231 percent. As a result, starting Thursday, banks will pay savers as much as 13.481 percent on popular six-month money market certificates.
That rate forces banks and thrifts to charge steeper interest rates for consumer loans. Storm course is slow MIAMI (AP) Tropical Storm Jeanne strengthened somewhat today as it continued to move slowly through the Gulf of Mexico. The National Hurricane Center in Miami said the storm was about 425 miles southeast of New Orleans and expected to continue on a north-northwest course through the day. The storm's top winds increased to 60 mph by early today. Forecasters said the storm, combined with a large high pressure system over the eastern U.S., caused high winds and rough seas over the north central and portpeast portions of the Gulf.
At5 a.m. EST, the center of the storm was estimated near latitude 24.4 north, longitude 87.1 west. It was drifting northnorthwest at around 6 mph. Gale force winds extended 100 miles to the north and 50 miles to the south. dustry had been harmed in part by its own "inefficiency" in converting to smaller cars.
"I certainly can't agree with that," Caldwell said. "The United States has been hurt by a combined unwillingness to face the realities." Fraser said he would ask Carter to act, but the president's spokesmen have said Carter cannot negotiate a limitation agreement without a recommendation from the ITC. Fraser and Caldwell both said they thought he could, adding Congress could give 1 him the authority if Carter did not have it. Congress also could approve tariffs or import restrictions. However, Fraser said he saw little hope of action in the postelection Congress, and said he did not know how the new Congress would react to limits on imports.
Fraser said the union would "intensify our efforts to try to convince American consumers before they buy a car that they owe it to the laid-off American autoworker to examine an American car." union is now running a $200,000 advertising campaign on this theme. Caldwell said one in four production workers employed by U.S. automakers is laid off around 200,000 in all. Nissan, maker of Datsuns and the second largest importer, said through its marketing subsidiary it was "heartened" by the ruling. Honda, another Japanese company, said the decision was consistent with the evidence.
It said it will proceed with plans to begin construction next month of a $200 million auto assembly plant in Marysville, Ohio. home, retail sales "Rising interest rates are hurting retail sales," said Robert Gough, vice president of Data Resources the Massachusetts economic forecasting firm. "If rates continue to go up, we can expect further softening in the pre-Christmas season." His department said new-home sales during September stood at a seasonally adjusted annual rate of 554,000. Announcement Central Alabama Farmers Co-Op, will hold its annual meeting Nov. 11th at 7:00 p.m.
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