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Weather and strike cut corporate profits in first quarter
The Commerce Department reported profits before taxes fell to 172.2 billion annual rate in January-March, down 61 billion from the prior quarter due to severe winter weather and the coal strike. After taxes profits dropped to 102.9 billion. Including inventory effects profits from current production fell 18 billion to 126.4 billion. Weather and coal shortages hit railroads, electric utilities, petroleum, metals, and coal mining. retail and auto manufacturing profits also weakened. GNP declined 0.4 percent annualized. weather and strike reduced GNP by 2 to 3 percentage points. Analysts see a rebound in coming quarters despite inflation and tighter credit.
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Washington Star
Washington
Commerce Department
Department