The 1960s Business and the Economy: Chronology

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The 1960s Business and the Economy: Chronology

1960:     January 4 The longest steel strike in American history, begun in July 1959, ends when the United Steel Workers union and steel companies agree on a wage increase.

1960:     May 15 The Tax Foundation reports that 25 percent of American workers' earnings are taxed.

1961:     February 23 A six-day airline strike, the costliest in history, ends.

1961:     May 5 President John F. Kennedy signs the Fair Labor Standards Act, increasing the minimum wage from $1 to $1.25 by September 1963.

1962:     January 18 New York City electrical workers negotiate a contract allowing them a twenty-five-hour workweek, plus five overtime hours.

1962:     March 1 In the largest antitrust case to date, a federal district court orders E. I. Du Pont de Nemours and Company to divest itself of 63 million shares of General Motors stock.

1962:     April 10 United States Steel announces a 3.5 percent price hike. Other major steel companies do the same, and President Kennedy denounces the action.

1962:     May 28 In the single greatest daily loss since 1929, the New York Stock Exchange plummets by nearly $21 billion. Fortunately, stocks quickly rebound.

1962:     July 27 A price-fixing scandal ends with General Electric consenting to pay $7.5 million in damages for earning excessive profits.

1962:     September 15 To stimulate projects in economically depressed regions, President Kennedy signs into law a $900 million public works bill.

1962:     October 4 To increase overseas trade through tariff reductions (tariffs are taxes on imported and exported goods), the U.S. Congress passes the Trade Expansion Act.

1963:     January 26 A nearly month-long longshoremen's strike ends. The shipping industry loses more than $800 million.

1963:     March 31 A 114-day New York City newspaper strike ends, costing publishers $100 million.

1964:     February 26 The Tax Reduction Act lowers personal and corporate income tax rates.

1964:     September 25 The United Auto Workers strike at General Motors. A contract agreement is reached two weeks later, but local strikers hinder production for another month.

1965:     December 5 In order to control inflation, the Federal Reserve Board raises the discount rate from 4 to 4.5 percent, the highest rate in 45 years.

1966:     March 22 The president of General Motors publicly apologizes to consumer advocate Ralph Nader for spying on Nader's private life.

1966:     April 6 The United Farm Workers, which for seven months had been striking against California grape growers, proclaims victory when it becomes the official bargaining agent for Schenley Industries' farm workers.

1966:     September 9 President Lyndon Johnson signs into law the Traffic Safety Act, establishing safety standards for automobiles.

1966:     October 7 In the worst decline since 1962, the Dow Jones industrial average plummets to 744 points.

1967:     July 5 The Federal Communications Commission orders American Telephone and Telegraph (AT&T) to reduce its yearly overseas and long-distance rates by $120 million.

1967:     July 26 A three-month-long United Rubber Workers strike ends with the union signing a three-year contract with tire manufacturers. Five days later, Firestone announces price increases.

1968:     January 15 The Supreme Court approves a New York Central and Pennsylvania railroads merger, creating the country's largest railroad.

1968:     February 19 The first statewide teachers' strike in American history begins in Florida. The walkout of nearly half the state's teachers ends on March 8.

1968:     April 18 For the first time, Bell Telephone System workers walk off the job. A settlement is announced in May.

1968:     June 13 The New York Stock Exchange sets a record with 2.35 million shares exchanged in one day.

1968:     July 30 Eleven major steel companies reach a three-year agreement with the United Steel Workers of America.

1969:     February 26 General Motors recalls 4.9 million potentially defective cars and trucks.

1969:     July 23 Consumer prices increase 6.4 percent since January, the largest rise since 1951.

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The 1960s Business and the Economy: Chronology

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The 1960s Business and the Economy: Chronology