Economic Data
In the 1970’s, Sears was a major economic player in the tool industry. They were originally called Sears and Roebuck until the early 1970’s, but since then the Roebuck part of their name has been dropped. During the early 1970’s was when Sears began to develop more business in a retail setting, as they began expanding heavily into suburban shopping malls and doing less business through their mail-order catalog, which, historically, was what had made them a well known company. The major brand that Sears holds that could have competed with Cooper/Nicholson is the Craftsman brand, which was registered by Sears in 1927 and was recently names one of America’s most trusted brands.
From 1970-73, the US economy grew by an average of about 3.8% per year, and an average of 2.7% per year from 1974 onward. The 1970’s saw the rise in a term called “Stagflation”, meaning that the economy was growing slower than expected (stagnant), and inflation was happening to prices. It is believed that the inflation was the caused by the Vietnam War and President Lyndon Johnsons “Great Society” Programs. Those programs were a series of increases in government spending aimed at improving education, medical care, and transportation, all while helping to eliminate problems in urban centers. Unemployment was high back in the 1970’s, due to the large number of women who were attempting to enter the workforce, combined with the fact that there were very few jobs available. Additionally, major oil embargoes by OPEC nations drove up the cost of gas and often caused gas shortages. By the end of the 1960’s, the unemployment rate was around 3.3%, while at the end of the 70’s it was around 8.8%. It was pretty bad back in the 1970’s with many current economists comparing the United States economy today with the economy back in the 70’s. Additionally, there was a major stock market crash in