Word: lastly
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Dates: during 1970-1970
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Since November, long-term interest rates have declined more swiftly than at any time in the last century. Rates on average-grade corporate bonds, for example, have fallen from 9.05% to 7.80%. A smaller drop in mortgage interest rates, which now average 8.45%, has helped builders to increase the annual rate of housing starts by 59% from January to November. The main force behind the housing rebound, however, has been an astonishing rise in federal subsidies and loans. About one-third of the houses and apartments built this year received some federal subsidy, and next year close to half...
...they say that 3%, or perhaps a bit more, would represent price stability. Until lately, Administration officers have defined "full employment" as a 4% rate of joblessness. Recently they began talking of getting down to "the 4% zone," and at his last press conference, Nixon implied that anything "lower than 5%" would be a commendable showing...
...luggage and wigs for women. The average American family has a fat $7,610 put away in savings accounts. Usually, a lot of money begins to burn a hole in the consumer's pocket, and a splurge of spending begins. But the usual consumer psychology may have changed. Last week George Katona, a consumer expert who heads the University of Michigan Survey Research Center, reported that the consumer's confidence is low and still falling, largely because he is worried about his job security and about a prolonged recession. In marked contrast to earlier years, says Katona, today...
...this attention, the consumer has turned into something of a Scrooge. Even The Salvation Army is having trouble prying dimes out of him. In department stores, cash-register tapes for the Christmas season are running scarcely above last year's cheerless levels. The National Retail Merchants Association in November had predicted a rise of 6%. Then its officials took one look at the early returns and revised their forecast to a 3% or 4% gain. Considering inflation, that would amount to as much as a 3% drop in the volume of goods actually sold...
Sitting Out the Battle. Though it is over, the General Motors strike still hurts. Detroit stores have been quiet so far, and one last week began "the biggest clothing clearance in our history." The confusion in women's fashions is partly to blame. While midis are beginning to catch on in some cities, most women are simply sitting out the battle of the hemlines. At week's end Commerce Secretary Maurice Stans reported to President Nixon that Christmas sales were "fairly brisk" and that apparel was moving well. The Secretary took pains to note an upsurge...