Word: retail
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Dates: during 1950-1959
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...many of whom reported record first-quarter profits (see Earnings). The U.S. consumer's personal income had dropped hardly at all. The annual rate of $341.4 billion in March was down only $300 million from February and was $1.2 billion higher than last year. But consumers were cautious. Retail sales of $15.4 billion for the month of March were down, though only 1% v. a 4% drop the month before...
...jump in unemployment to 5,198,000 since March 1957, more than 1,000,000 came in such big durable-goods producers as autos, aircraft, heavy machinery and steel. The curious fact-and the paradox of the recession-is that other industries, such as wholesale and retail, banks, services (up more than 100,000), real estate and insurance firms, are still booming ahead. In March, employment rose by 323,000 over February, bringing total employment to 62.3 million, the third highest March in history-all while unemployment also showed a 25,000 increase...
...York stores were up 7%, Minneapolis 6%, Atlanta 4%, but Cleveland, Chicago, St. Louis and Dallas were all down, as much as 3%. Hoping to stir renewed interest. Sears, Roebuck & Co. announced an average 13% price cut in its spring catalogue, said it was adjusting all prices in its retail stores...
...Productivity. Last week, as the recession appeared near the bottom of the slide, few thoughtful businessmen were anxious to force the tired bull to his feet too soon. They fear the speedy return of inflation, since prices, which normally drop in a recession, have held up surprisingly. Though many retail prices and some wholesale items dropped, the level of the nation's basic commodities is unchanged. The reason, say businessmen, is the organized labor philosophy that good business or bad, wages-and thus prices-must go up every year. Therefore, steelmen refuse to cut prices, not only because they...
...discourage use of scarce material and transportation, are certain to be slashed. Likely targets: the manufacturers' auto excise tax, which adds $150-$200 to the cost of an auto (manufacturers say they will pass on the savings); the 3% freight transportation tax; the coal and oil transportation tax; retail taxes on such "luxury" items as leather, cosmetics. Government loss: $1 billion...