Word: profitably
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Dates: during 1970-1979
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What was good for General Motors last week really was good for the country. The auto giant reported first-quarter profits of $800 million, v. $59 million a year earlier-when the auto industry and the whole economy were floundering at the bottom of the nation's worst postwar recession. Although few if any companies matched that 1,200% leap, GM's dazzling performance highlights a happy trend: corporate profits have already rebounded from the slump to near-record levels. Most estimates are that the first-quarter profits of all the nation's companies rose a total...
...surge? One reason is that many businessmen succeeded in maintaining or even increasing prices during the recession. Their total profits fell last year as sales dropped off, but their profit margin on each dollar of sales held up fairly well. Now, with sales rebounding, the margins translate into zooming total profits. In addition, output per man-hour in nonfarm industries is rising nearly as fast as labor costs. That may change as more workers are hired and wages rise, but for the moment it means fatter profits. Most important, consumers are now buying the autos, appliances, clothes and other products...
...only spectacular gainer. Chrysler rang up a first-quarter profit of $72.1 million, v. a loss of $94.1 million in the opening three months of 1975. Outside the auto industry, profits of electronic and electrical-equipment firms on average have more than doubled; some apparel and textile firms are showing increases of more than 300%; profits in the glass business (whose fortunes are closely tied to Detroit's) seem to be up 150% or so. Even railroads and some airlines are showing modest gains. Metals producers are lagging: U.S. Steel's profits fell 46.5% in the first quarter...
Then you find out that you will be working 75 or 80 hours each week, that you have no guaranteed salary, and that any profit you make depends entirely on the amount of your sales...
...friend he worked with on the dorm crew. Rinehart also left his Southwestern job in Phoenix--after four weeks--and went home after writing Southwestern a check for $120 to pay for the books he sold. Later, they sent him a check for $150. There was no $30 profit, however. Rinehart paid his own transportation from Boston to Nashville, where he went through a week of training, and from Nashville to Phoenix, along with his hotel and meal costs...