On the surface, this year's labor-bargaining outlook would seem heavy with the menace of outsized wage boosts that could speed up inflation and strikes that could disrupt the accelerating recovery, or both. Nearly 4.5 million workers are covered by major contracts that expire or come up for reopening in 1976; that is twice as many as last year. The most important contracts cover five vital industries: trucking, rubber, construction, electrical equipment and autos. They are being renegotiated after two years in which the average hourly earnings of workers in U.S. private industry...
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