U.S. corporate chiefs, who have long complained of a profits squeeze, fared better in 1968 than they had any reason to expect. They were beset by rising labor and material costs, year-long predictions of imminent economic slow down and the 10% income tax surcharge. But the slowdown never materialized, and many companies managed to offset higher costs and taxes by increasing their prices and generating more sales. The results from early-reporting corporations indicate that after-tax prof its climbed by 6% from the $48 billion of 1967 and at least equaled the $51...
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