Word: paradiso
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Dates: during 1960-1969
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...income is up 4% over February's low, he is paying off old bills at such a rate that credit outstanding has dropped 2% from last December's high-and his savings accounts are bursting. Despite all this, says baffled Commerce Department Economist Louis Paradiso, retail sales "still reflect the same kind of sluggishness we have had all along, but now it seems to be hanging on too darned long. It's a puzzler...
...more successful a business manager is in achieving high productivity, the more money his business pumps into the national economy. In Washington last week, Louis Paradiso, chief statistician for the Commerce Department, reported an ingenious system of ranking U.S. industries on this count. Key to Paradise's box score is the amount of value that a business adds to the economy for each worker it employs-the added value being the sum of wage outlay, company profits and interest payments to lenders. For U.S. business as a whole, the value added to the economy per worker...
What is the utility of the rankings? Says Paradiso: "This is the sort of thing you have to know in order to see which industries ought to improve their productivity. Not only so they can produce better wages and profits, but also so they can be aware of their relative position domestically in order to compete more effectively abroad...
...retail sales rose 1% from May to June, something less than hoped for. Sales were actually down 1% from June of 1960, and durable goods were off a full 5% from the pace a year ago. Among the notable laggards are autos and appliances, hardware and furniture. Says Louis Paradiso, the Commerce Department's chief statistician: "This time there is more lag than usual between the actual turn-around of the economy and the American consumer's believing that it has happened. He takes more convincing than he did in the past...
...high dealer inventories (which now stand at 941,000 cars) to make way for 1962 models, overall inventories may be robbed of real improvement in the third quarter. But if the inventory turn-around continues, it will ease the economy of a heavy weight. Not long ago. Statistician Paradiso estimated that gross national product in the second quarter would hit an annual rate of $505 billion. Now, because of inventory improvement, he has raised his estimate to $510 billion...