Profits are probably the most critical of economic weather vanes. They both measure the current pace of business and offer some vital clues as to whether employers will be able to raise the job-generating capital that is vital to the U.S. free-enterprise system (see ESSAY). In both areas, the profit vane presently seems on target: wavering slightly, but still pointing toward more growth. During the period of explosive recovery in the first three months of the year, corporate profits staged a dazzling comeback from the depressed levels of the nation's worst postwar recession. Then, as many experts predicted, business...
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