Normally, corporate profits in many industries tend to tail off during the lazy summer doldrums. But this year, buoyed by a rising tide of spending by consumers and businessmen, third-quarter profits of many firms have floated to their highest levels in years. The broad range of industries reporting gains reflects the sustained growth of the whole economy, an expansion that is likely to pick up ever more speed in the months ahead. Otto Eckstein of TIME'S Board of Economists predicts that after-tax corporate profits for the entire year will rise an estimated 16%...
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