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Earnings signal big deceleration; All sectors of economy feel pinch of profit drop.(Detroit, Michigan)(Brief Article)(Statistical Data Included)
Crain's Detroit Business, August, 2000 by Roush, Matt
Amid all the talk about America's extended prosperity, we hate to bring up an ugly fact. Here it is anyway: For a lot of metro Detroit companies in the second quarter, profits were falling. And economic indicators are sending clear signals of slower growth ahead. ``We're seeing a major deceleration,'' said David Littmann, senior vice president and chief economist at Comerica Bank in Detroit.
However, another economist said the fact that profits are still rising at all this late in an economic cycle was cause for celebration. ``I'd say this year is about a B-plus for earnings, and I'd take that any day and all day,'' said David Sowerby, portfolio manager for the Bloomfield Hills office of Boston money managers Loomis, Sayles & Co. But even Sowerby's...
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