Word: leveler
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Dates: during 1960-1969
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College-graduate drinkers in the U.S. vastly outnumber those whose formal education has stopped at the grade-school level (80% to 53%), and there are more well-to-do drinkers than poor: it takes money to drink. The average drinker is more likely to be a Roman Catholic than a Protestant. One reason is that many Protestant faiths, notably the Baptists and the Methodists, traditionally forbade drinking. The George Washington University survey classified 56% of all drinkers as moderate, only 12% as immoderate...
...even through the April-June quarter when businessmen liquidated their stocks of appliances, hardware and other durable goods at a $600 million-a-year pace. One persistent casualty of the sell-off was industrial production, which not only failed to gain but this summer slipped to 2% below its level of a year earlier. Since spring of last year, the nation's factories have reduced their operations from 91% to 84% of capacity...
...money squeeze and the spring speedup in corporate tax collections; most of all, it reflected wide expectation that the Reserve Board might tighten up on credit or that the Government would pre-empt borrowable funds. Auto sales dropped to about 8,400,000, 7% below their 1966 level. "Mystified businessmen are still waiting for the frantic days that they were told lay ahead," complains Research Director Albert Sommers of the National Industrial Conference Board...
...decade. Savings banks and savings and loan associations, which had been strapped for mortgage funds a year earlier, were deluged with deposits. Thus housing became the year's comeback industry, climbing from an annual rate of 1,111,000 private starts in January to 140% of that level. On the other hand, retail sales-which normally account for two-thirds of what consumers spend.-rose barely faster than consumer prices, which jumped 21%, on top of a 3% gain...
While 1967 retail sales are expected to wind up 4% ahead of last year's level- at a record $314 billion- a sizable chunk of that increase reflects inflationary rises in retail prices rather than growing consumer demand. The effects of inflation-are also disturbingly apparent in the burgeoning costs confronting merchants for labor, promotion and goods. Because of the cost squeeze, retailers may well have trouble maintaining profits unless there is a substantial increase in their sales volume...