Word: appareled
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Dates: during 1970-1979
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...Government subsidy of $10 million a month. Nationwide, more than 5,000 businesses failed in the first half of 1974, leaving unpaid bills of more than $1.5 billion, almost 50% more than the liabilities of businesses that went bust in the comparable period of 1973. Builders and textile and apparel manufacturers are going broke the fastest...
William A. Klopman, 52, was not the betting favorite to become president of Burling ton Industries; his abrasive personality had made him unpopular with some other executives of the world's largest textile company (annual sales: $2 billion). Nonetheless, Klopman, then head of the apparel-fabrics division, was chosen last April over three other executive vice presidents, largely because he had been running a segment of Burlington that was generating a hearty share of the company's earnings. Indeed, Klopman, a tall, lantern-jawed New Yorker who had helped his father run a family company that Burlington bought...
...silk necktie that went for $7.50 last year is now $12.50. At Manhattan's Saks Fifth Avenue, men's wool suits that sold for $280 earlier this year now cost $310. Presaging a further rise at the retail counters, wholesale apparel prices in October rose 1.7%-the biggest monthly jump since the Korean War year...
...historic August surge in prices was not wholly a food phenomenon. Nonfood prices rose at the uncomfortably high rate of .5%, reflecting higher consumer charges for apparel, heating fuel, mortgages, medical care and telephone service, among other economic necessities. The ineluctable result of the across-the-board rise in living costs was to drive down the real spendable income -earnings that have been discounted for inflation-of U.S. workers. Thus, despite a slight increase in wage levels for the month, the real income of factory workers declined...
Government officials and economists have made much of the "moderate" settlements that other major unions have agreed to this year. Increases in rubber, oil, trucking and apparel have averaged no more than 7%. But 7% seemed tolerable because the strong productivity gains that accompany a surging economy held production costs down. As the economy slows, however, output per man-hour will grow at a lower rate. Even if labor is moderate in its demands, production costs and prices will go up, and 7% pay gains will be harder to accept. If the unions decide to go for broke, a cost...