A March 15, 1970, story about the state of the economy in Cedar Rapids said that job applications were at a record high, while job openings had hit a record low.
Collins Radio, Cedar Rapids’ largest employer, had laid off more than 1,100 people since late 1969.
About 3,000 layoffs from December to May 1970 reduced the company’s workforce to below 9,000. In September, 500 workers were let go, in October, 200, and another 150 in December. Attrition allowed some workers to be called back, but by December 1971, Collins Radio Co. had slashed its workforce nearly in half, from 12,700 to 6,500.
Meanwhile, in September 1970, North American Rockwell Corp. acquired controlling interest in Collins Radio.