Word: retailing
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Dates: during 1960-1969
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...quiet businessman who was born in a Boston slum, learned about money and gambling from his tailor stepfather, "who made $4 a week and liked to play poker." He quit school at 14, became a drummer for a dress company, in seven years had a small chain of suburban retail dress stores, in partner ship with an older brother. Drifting on, he lost $75,000 in the stock market, taught driving to the novice customers of a Bronx Chevrolet dealer, sold religious statuettes to the followers of Harlem Evangelist Daddy Grace, drove an ambulance for one day and was fired...
...anew. In his economic message, President Kennedy urged Congress "to raise the minimum wage immediately to $1.15 an hour and to $1.25 within two years.'' The President also recommended that the Fair Labor act be broadened to include "several million" workers not now covered, basically those in retail trade and services. Many businessmen are against an increase at this time. The unions are, as expected, solidly for a higher minimum. Says A.F.L.-C.I.O. President George Meany: "If an enterprise cannot survive except by paying wages of 75? or $1 an hour, I am perfectly willing...
workers privately employed are now covered by the law. Among those not covered: retail clerks, farm hands, seamen, and service employees, who earn much of their income in tips. The Administration will probably suggest that coverage be extended to an additional 3,000,000 employees, chiefly in the retail and service trades-fastest-growing sector of the U.S. economy. In so doing, it will run smack into the biggest foes of extending minimum-wage coverage: retail stores, hotels and restaurants, all of whom use much part-time, low-wage help...
...department store sales were 5% below year-earlier levels for the last week reported, largely because of bad weather. Manhattan's Industrial Commodity Corp., a private economic forecasting firm, held out hope for better times ahead. It reported that new orders and retail sales of consumer nondurable goods have begun to climb after mid-1960 dips. While new orders are still running behind retail sales, the forecasting firm figures that they are reverting to the closely similar pattern the two have held for years (see chart), and expects a further rise. It also feels that apparel sales are bound...
President Frondizi's chances of survival to the end of his six-year term, once considered unlikely in the extreme, are now a better-than-even-money proposition. And as the results of his policies start to show -inflation cut, unemployment virtually wiped out, the peso strengthened, retail sales up-the odds should begin to lengthen considerably...