THE Administration's economic policies are headed for a critical test this week: the start of the Christmas shopping season. Besides their importance to retailers and manufacturers, holiday sales are a sensitive gauge of the public's mood. The pace of production and employment for months to come could well be determined by how many shoppers pick up that extra gift or two. All the experts have been carefully waiting for the tightfisted U.S. consumer to start spending again and thus lead the economy to the "great year" that Richard Nixon has promised for 1972.
The prospects are relatively bright. Says J.C. Penney's President...
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