May 25, 1978 – The Price Of Beef – The Sale Of Cars – The Wages Of Conflict.
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May 25, 1978 – The economy was playing a big role in the mood of the U.S. this day – the price of Beef was getting ready to soar even higher than it was on this day in 1978. The reason for the rise in prices was due to the shortage of cattle, which pushed prices to their highest in history; roughly $60.00 per Hundred weight at terminal in Iowa, Nebraska and elsewhere, higher than the previous dramatic price rise in 1973, during the famous “housewives Strike of 1973”, when a national boycott sent prices tumbling. So far, consumers had not cut back on buying beef, even though many cuts were up as much as 20%. The shortage of cattle dated back to 1974, when partly as a result of that boycott, beef prices were dropping at a time when feed prices were rising, so cattlemen cut back on the size of their herds – the fallout from that was being felt today.
And sales of new cars were climbing – the Big Four auto makers reported that sales were up over 12% since the same time in 1977. Since January 1st, some 3 million news cars were being delivered around the country and that’s a little ahead of the same point the year before.
And the conflict in Africa; the French Defense Ministry reported that Paratroops of the Foreign Legion had begun pulling out of Kolwezi, heading for a town 190 miles to the east. They were expected to rest there for a few days before flying back to home base in Corsica. The Battle of Kolwezi was an airborne operation by French and Belgian airborne forces that took place in May 1978 in Zaire during the Shaba II invasion of Zaire by the Front for the National Liberation of the Congo (FNLC). It aimed at rescuing European and Zairian hostages held by FNLC rebels after they conquered the city of Kolwezi. The operation succeeded with the liberation of the hostages and light military casualties.
And that’s just a sample of what was going on, this May 25th in 1978 as presented by The CBS World News Roundup.