PHASED: Scrutinizing Profits


The long-awaited report card on this year's first quarter, released last week, provided statistical support for almost everyone's favorite argument about the economy. Yes, the nation is well on its way toward a strong recovery from the recession, as was shown by a full-steam rise of almost 12% in the gross national product, to an annual rate of $1,103 billion. That is right on the path toward the full-year gain of almost $100 billion predicted by the Nixon Administration. But no, the economy is not registering as much real growth as it should; more than half of the G.N.P....

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