“Little Steel” Formula
   The “Little Steel” formula was a method worked out by the National War Labor Board in July 1942 to control wage increases. In response to a demand by the steel workers in the Bethlehem, Republic, Youngstown, and Inland steel companies, for a dollar-a-day increase, the board agreed on a 15 percent increase to cover the period beginning in January 1941 until May 1942. This formula became the general principle applied after the passage of the Economic Stabilization Act in October 1942.

Historical Dictionary of the Roosevelt–Truman Era . . 2015.

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