Sulphur Springs News-Telegram (Sulphur Springs, Tex.), Vol. 102, No. 165, Ed. 1 Sunday, July 13, 1980 Page: 6 of 30
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v 6—SECTION 1—TM« NfWS-TELCGRAM. Mphw Spring*. Twms. Umdmf. My M. *«••-
Business week In review
Retail sales in slight upturn
\
•y KRISTIN OOFF
APBwinsU Writer
NEW YORK (AP) - Retail
sale*, which have tumbled
deeply since the dart of the
year, may be showing the flrd
signs of improvement.
While consumers are clearly
stm cautious about big pur-
chases and borrowing, sane
economists think the wad may
be over.
The government’s decision to
disband the credit controls it
Imposed in March has helped
alleviate some concerns con-
sumers had when those
emergency steps were taken,
analysts say.
Interest rates, in some cases,
are Iowa than they were a
couple of months ago. And
purchasing plans may be
picking up in a cyclical fashion
after months of decline
The Commerce Department
reported this past week that
retail sales in June rose 1.4
percent from sales the previous
month. That was the first im-
provement in sales since
Separately, the
reported that
repayed |1.4) bdhon
debts than they
May. reducing
at a record annual rate of 13
percent. That followed a steep I
percent annual rate decline in
consumer debt in April winch
may have left many coonmers
in a position to borrow and boy
once again
Reteil sales, as measured in
the Commerce Department
report, came to $75.36 bdlwo in
Jaie. Automobile sales, which
rose nearly 4 percent from the
premia month, helped bolster
those figures after auto sales
had fallen to below their towed
levels in the 1974-75 recession.
Retell sales are a key in-
ifecator of economic health and
represent a third of the nation’s
Gross National Product, or
value of its total economic
Michael Evans, who heads a
Washington-based economic
forecasting company bearing
A different breed of market...
• ••
Home prices up despite slump
By JOHN CUNNIFF
AP Business Analyst
NEW YORK (AP) - When
mortgage money dried up and
interest rates soared, housing
prices generally refused to fall,
and that has a lot of people
disappointed and confused.
"Why didn’t they?” .they ask.
hi April, lor example, when
sales of existing homes plunged
to an annual rate of 2.42 million
unite, lowest in five years,
prices rose 1900 to (60,400, the
highest median ever recorded
fa resale homes.
Weren’t prices supposed to
come down when supply ex-
ceeded demand? To understand
why they didn’t, you must
accept as a premise that
housing is a unique product. It
reacts to a special set of factors.
The basic factor is that the
underlying need for housing
han’t lessened at all. It has
Increased. What has changed Is
the supply and coat of credit.
They have thwarted demand —
but temporarily.
Recognizing this, real estate
Farm land
price spiral
cools a bit
WASHINGTON (AP) -
Farm real estate prices may go
up between 5 and 10 percent this
year, compared to a 14.7 per-
cent gain last year, says the
Agriculture Department.
"Activity in the farm real
estate market is expected to
decline this year, primarily due
to the combined effects of high
Interest rates and tight credit
during the first half of the year,
along with the recession and the
decline In net farm income,”
officials said.
The outlook was provided in a
brief report Issued Thursday by
the department's Economics,
Statistics and Cooperative
Service.
For months the agency has
been citing figures that show
farmland prices have cooled
appreciably.
people say, sellas have held
their ground when they could.
Rather than lower prices fa
quick sales they have chosen to
delay selling until buyers are
able to obtain financing.
Meanwhile, the nianber of
people entering the 25-34 age
category swells. It will continue
to swell though 1906. More
people will become age 30 in the
1980s than in any other decade.
They will need houses.
The supply of housing hasn’t
kept pace with the need.
Builders, too, have been denied
financing, a have been faced
with such costly terms they
have chosen to withdraw from
business.
Rent controls are said to be a
cause of reduced supply. Faced
with the prospects of rising
costs, but with a legal limit on
income, builders have refused
to commit themselves to con-
struction of apartment bouses.
An income dichotomy is
sometimes mentioned as
supporting the contused in-
creases in median prices. Same
researchers daim that while
the personal economies of two-
thirds of Americans have been
in recession for many months,
the upper one-third have been
able to adjust their incomes a.
in some instances, even reduce
such expenses as taxes
Tlut's one reason advanced
for the continued sales of ex-
tremely expensive unite that,
measured in with all other
sales, force median or average
prices higher But there are
other factors.
WITH A SPECIAL DISCOUNT FOR THE ENTIRE
MONTH OF JULY!
10% OFF
EVERYTHING IN THE STORE!
No Discount Os Special Often
OPEN TIL 5:30 P.M.
FRIDAYS — 'TIL 6 P.U.
On Tin
Books t Gallery
•1512*1 4
1
lia
tlltatl
% Price
SHOE SALE
Includes: Naturalizer
Connie
Easy Street
Jacqueline
Daniel Green
Outdorables
Children’s-Sandals
Are % Price Too!
SHOE TREE
Singles have become home
buyers. In 1979, the U S League
of Savings Associations reports,
214 percent of all home buyers
were single, up from 17 percent
in 1977 Unmarried couples also
have taken to buying.
A special factor also is the
return to the city. Advance
Mortgage Corp., one of the
nation s largest mortgage
bankers, reports that values in
many older city neighborhoods
have tripled since 1975.
his name, suggests that the $20
billion fallofi in retail sales in
the April-June quarter led the
economy to a steep 8 percent
drop in GNP.
But ‘ the worst of the
recession is ova,” he declares.
White the recovery in sales may
be gradual, he predicts a
rebound by the end of the year.
But Courtenay Sluter,
Commerce Department
economist, warned against
making too much of the'latest
retail sates figures.
"I think that in general it’s an
encouraging report... (but) it is
much too early to say if it is the
beginning of a trend or just a
blip,” she told reporters. ,
The Conference Board, a
business-funded research
group, also found some hope of
improvement in general
business conditions because of
expected increases in consumer
sentiment.
Its survey of 5,000 households
last month resulted in the first
increase in its consumer con-
fidence index in eight months.
The index climbed to 48 points
in June, up nearly 6 points from
May. The index measures
assessments of the current and
future economic conditions and
is based on a base of 100
established in the 1969-70
period.
Beat The Heat
Wiil)
W VV III I
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Keys, Clarke. Sulphur Springs News-Telegram (Sulphur Springs, Tex.), Vol. 102, No. 165, Ed. 1 Sunday, July 13, 1980, newspaper, July 13, 1980; Sulphur Springs, Texas. (https://texashistory.unt.edu/ark:/67531/metapth824139/m1/6/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Hopkins County Genealogical Society.