Business: Inadequate Indicators

In wage negotiations, a key statistic for comparing different industries usually is the Government's figures on hourly earnings. But last week U.S. Steel Corp., the nation's largest steel producer, questioned the accuracy of the figures. Said its annual report, in which Chairman Roger Miles Blough reported a 15½% drop in earnings because of the steel strike: the Government's "widely quoted data on average hourly earnings are no longer representative of total employment costs" and are "completely inadequate as an indicator of an hour's work."

Blough and fellow steel executives charge that the steel industry's average basic wage rate of $3.10 quoted by...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!