The Economy: Watching the Weather Vane

The U.S.'s economic winds last week were blowing, in weather-bureau terms, "variable."

Typical was the Ford Motor Co.'s annual stockholders' meeting in Detroit. First of all, President Arjay Miller got up and glowingly announced that the Fords had gone by at a wonderful rate in the first quarter of 1966: on sales of $3.2 billion, profits stood at a first-quarter record of $210 million, or 9% better than during the same period last year. Then Ford Chairman Henry Ford II rose and sent the winds gusting in the other direction. Blaming most of...

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