Word: retailing
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Dates: during 1960-1969
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...CONSUMER SPENDING: Worried by the threat of unemployment-which is still running at a discouraging 7% of the workforce-Americans are spending only about 60% of their earnings on retail purchases, v. the traditional 62% to 65%. Store sales have been sluggish all year, fell again in July despite a rise in personal income...
Through the hands of West 47th Street's 400 dealers, 200 cutting firms and scores of sawyers, brokers and retailers, pass 80% of the polished diamonds produced in the world each year. The New York diamond market centering on a single West 47th block serves 99% of the nation's retail jewelers and is the world's largest seller of "sizes," i.e., diamonds of more than 1½ carats...
...easy to make a costly mistake." Most wholesale dealers have small shops, sell at a 5% or 7% markup, employ brokers who do the actual leg work for a 1% or 2% commission. Nearly 80% of the West 47th Street trade is wholesale, but there is also a thriving retail business. ''There are some real bargains here." says one dealer. "But you've got to be in the business to spot them...
...owns a paint and household supply company as well as a Ford dealership in Salt Lake City: "The truth is that consumers have mistakenly been led to believe that 6% is the fair interest charge for credit. A statement of annual rates of 18% will be suicidal for retail merchants...
Higher Savings. Consumer spending is a paradox: it stood up better than most other indicators during the recession, but thus far it has lagged somewhat behind the recovery curve. Last week the Commerce Department announced that seasonally adjusted 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...