Earnings: The Best of Everything

Thirty-five months after it began, the advance of the U.S. economy shows no signs of slackening. Most of the indicators—from industrial production to retail sales—still look good. In fact, said the Federal Reserve Board last week, the current business expansion is a lot stronger and more solidly based than other, more spectacular postwar recoveries. And as for earnings, the first reports for the past year shattered old records on every side. Pretax corporate profits for 1963 will almost certainly pass the $50 billion mark to set an alltime record.

General Motors reported the highest earnings—$1.6 billion—ever made by any corporation,...

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