Word: rosee
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Dates: during 1960-1969
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Despite incomes that rose to a new peak, consumers turned surprisingly frugal and saved 7% of their after-tax cash, the highest sustained rate in a decade. Savings banks and savings and loan associations, which had been strapped for mortgage funds a year earlier, were deluged with deposits. Thus housing became the year's comeback industry, climbing from an annual rate of 1,111,000 private starts in January to 140% of that level. On the other hand, retail sales-which normally account for two-thirds of what consumers spend.-rose barely faster than consumer prices, which jumped...
Only declining farm prices (food for home consumption is now 1.1% cheaper than a year ago) kept the cost of living from inflating more. From 1966, home ownership costs (including mortgage interest, taxes and insurance) rose 3.5%; apparel, 4%; used autos, 4.3%; and medical care, 6.6%. Since May, overall consumer prices have climbed at an annual rate...
...spring economic dip and a big increase in the number of teen-agers seeking work compounded one of the most vexing problems of the U.S. economy: bottom-of-the-force unemployment, especially among Negroes. Overall unemployment rose from 3.7% in January to a peak of 4.3% in October, then declined; but the jobless rate among teen-agers jumped from 11% to 14% (9.6% for whites, 22.8% for Negroes). Unable through its own machinery to cope with that and other potentially explosive social problems, Government has increasingly turned to business for help. "Government alone cannot meet and master the great social...
...alike, 1967 stitched the national economies of the free world ever closer together. Half a dozen countries-Britain, Canada, France, Belgium, The Netherlands and Austria-developed an economic malaise akin to that of the U.S.: industrial stagnation and rising unemployment coupled with inflationary tendencies. Reason: wages and government spending rose despite economic slowdowns. Germany stopped its spiral of wages and prices, but at the cost of a severe recession that pulled down the pace of business throughout most of the Common Market. Only Italy, which underwent a deflationary purge three years ago, showed strong economic gains without much wage...
...After graduating from the University of Virginia (Phi Beta Kappa) and the Massachusetts Institute of Technology (master's degree in chemical engineering), he hired on full time in 1932 as a lowly cellophane-machine operator before advancing into such jobs as chemist, industrial engineer and purchasing agent. He rose through a succession of middle-management jobs, in 1960 became chief of Du Pont's explosives division. The following year he was named vice president and a member of the company's all-powerful executive committee...