ECONOMISTS may debate whether or not the U.S. economy is in a recession, but many businessmen know that their own companies or industries are caught in a serious slumpand they are taking steps to cope with it. Seldom has the transition from buoyant optimism to spreading doubt come so abruptly for such a large cross section of manufacturers. As a result, businessmen are paying new attention to costs and gaining added respect for the old-fashioned virtue of thrift. In pursuit of more efficiency, executives are questioning old operating methods, eliminating frills, curtailing the...
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