Word: upturning
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...profits after taxes should bounce up about 14%, although profit margins-earnings as a percentage of sales-will be well below the highs of the mid-1960s. But the continued gains in earnings should finally persuade skeptical executives, who until now have lagged behind consumers in spending, that the upturn is finally at hand. TIME's economists expect that businessmen's fixed investments in new plants, office buildings and machines will increase some 12%. Their spending to expand inventories should rise from last year's rather meager $6 billion to $12 billion or more...
These regional variations pose a problem for economic planners of the second Nixon Administration. They will have to judge when the national upturn becomes overexuberant and should be dampened to head off a new inflation. But when that point is reached nationally, it may well have been far overshot in Florida, Houston and perhaps Chicago, while New England and New York may still be below economic...
...feelings. Yet to the extent that there is a pro-Nixon vote on economic issues-as distinct from an anti-McGovern vote-it reflects not so much conservative ideology as an "I'm all right, Jack" attitude among the many voters whose tunes have improved during the exuberant upturn of the past year. "The farmer is going to vote Nixon." declares William L. Lanier, who raises soybeans and tobacco in Georgia. "For the first time in years, the farmer is making profit." Indeed, the Administration in the past year has lifted from subsidies by $1 billion, to $4 billion...
...Watlington, president of Winston-Salem's Wachovia Bank, say that the Price Commission has accused their companies of not filing required profit reports, although in fact they did. At the Price Commission, says Warner, "the right hand does not know what the left hand is doing." The quickening upturn in business the last few months has allayed many executives' doubts about Nixon, but others still worry that the domestic economic difficulties have been temporarily soothed, not solved. "We are not really holding down inflation," says Ralph Ablon, chairman of Ogden Corp., the Manhattan-based conglomerate. Like many other...
...continued rise in the U.S. economy is not the only reason for the upturn on top. Some companies got too enthusiastic about lopping off "unneeded" managers last year, and now must refill some jobs. Still, traces of recession-bred caution remain. Employers take much longer to make sure that they find just the right man for a post. Searches that used to be finished in six weeks now often last three to four months...