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Profits tumble

10:17 AM MDT | April 10, 2009 | ARNOLD PEARLMAN

U.S. GDP declined 6.3% in the fourth quarter, according to the Bureau of Economic Analysis’ (Washington) most recent estimates. Overall company fourth-quarter profits fell about 17%, with financial industry earnings down 67%. Manufacturing sector earnings fell about 15%, while chemical industry profits tumbled about 21%. Full-year 2008 corporate earnings fell 10%, compared with 2% in 2007. Earnings in the manufacturing sector fell 24% in 2008. Preliminary statistics for first-quarter 2009 indicate that manufacturing output, employment, and profits all...

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