Everybody thinks that profits are just a problem for management and that no one else has to worry. But profits determine the level of employment, plant and equipment spending, and Government revenues. You cannot have a turnaround in the economy until you have a turn-around in profits.
—Economist Leif Olsen, vice president, First National City Bank
The pattern of first-quarter profits made clear last week that such a turnaround had not yet occurred. A preliminary tabulation of 692 corporations by New York's First National City Bank showed that profits in 1970's first quarter declined 7% from the same quarter last...
To continue reading:
or
Log-In
