Word: year-end
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Ever since, TIME has in one form or another presented what has come to be called its Year-End Business Review. Yet "review" seems an unsatisfactory word. In business, as in all fields of human endeavor, one of TIME'S major aims is always to review the news-not just in the details and meaning of events that took place last week, but within the context of the more distant past...
...that sense that this issue's cover story falls within the category of the Year-End Business Review. It is less a review than an analysis of that phenomenon of modern times -the Consumer Economy. The consumer, of course, has been around for a long while, and anyone who has ever gone as far as Economics I recognizes at least his abstract force for sustaining prosperity or hastening recession...
...year-end bonus of cash is not as popular as it used to be, partly because of labor's taste for bigger contractual fringe benefits and partly because of management's growing preference for more sophisticated executive incentives. Even so, the Bureau of Labor Statistics figures that U.S. manufacturers are paying production workers more than $600 million in year-end bonuses this season. Many millions more will go to executives and office help in such places as Detroit, where auto vice presidents often get bonuses equal to twice their salaries, and Wall Street, where 1964's record...
...Pierce, Fenner & Smith Inc., the nation's largest stockbrokers, will pay a record $9,700,000 cash bonus to 8,650 employees, 22% more than a year ago and an average of $1,121 each. Their checks will range from a flat $75 for employees with six months' to a year's service up to 14 weeks' pay for 20-year veterans. Elsewhere across the U.S., year-end fiscal cheer varies from the $10 Philadelphia Electric Co. gave its 9,300 nonexecutive workers to the average of $375 that Scio Pottery Co. of Scio, Ohio, handed...
...year-end statements customarily made by U.S. businessmen, the most cheerful came last week from Detroit. The nation's automakers have more reason than most to be pleased. Despite crippling strikes that cost them the production of more than half a million cars, it appears that the industry will have its first 8,000,000-car year in history in 1964. By Dec. 10 the automakers had already sold 7,139,135 passenger cars; barring disaster, they are virtually certain to sell another 465,000 by year's end. With sales of 475,000 foreign cars counted...