Word: retailing
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Dates: during 1960-1969
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There is no immediate danger, or so the current business indicators say. Though retail sales fell slightly last month, consumer spending remains strong. Housing starts, spurred by an unprecedented demand for new apartments, are up 23% from last year. U.S. industry is producing more, and its employees are earning more than ever before. Since the recovery began 16 months ago, productivity has increased by 8% and the gross national product by 9%. But some ominous clouds are gathering...
...take any salary. I put it all back into the corporate structure-and may my mother never draw another breath if this isn't so." Since 1957 he has acquired a $450,000 warehouse, a $900,000 motel, a $375,000 restaurant and office building, a $250,000 retail store, and a tavern worth...
When Painter Julio de Diego was a boy of 15 in Madrid, he already knew that he wanted to be an artist, but his father, a wholesale and retail merchant, objected. Father insisted that Julio and Julio's brother should aim for business success. "He even removed the table from my bedroom to discourage me from drawing," recalls De Diego. "One day I found some of my drawings, and he had written all over them, destroying every one: 'You are a Bohemian and this will be the cause of your dying of hunger.' " So Julio stuffed...
...Service Dollar. The same sad qualification holds for many of the other records the economy is setting this year-most notably in retail sales. Retail sales in April reached an alltime monthly high of $19.6 billion, and that figure was probably bettered in May, when auto sales hit their highest level (656,837 cars) since September 1955. Yet in 1955, retail sales sopped up about 60% of the total after-tax income of U.S. consumers; this year they are taking only about...
...average American is still spending just as much of his income (93%), but since 1955 the percentage of it that he spends on services, rather than retail goods, has jumped from under 34% to nearly 39%. This troubles some economists, who suspect that a dollar paid out to a hairdresser or a TV repairman does not have as great a "multiplier effect" on the economy as does one spent in a retail store. The retail dollar, they reason, sets up an immediate chain reaction that runs from the store to the manufacturer of the item to the basic raw-material...