The Profit Picture: Try Not To Look

Anybody who thinks war is good for the economy will have to think again after looking at corporate earnings for the first quarter. Instead of shopping at the mall, visiting an amusement park, or buying a new car, most Americans remained glued to their TV screens during the Persian Gulf conflict. The reluctance of consumers to spend freely in the midst of a recession at home and a war abroad helped push earnings for the 900 companies in BUSINESS WEEK's Corporate Scoreboard down 9% from the 1990 first quarter.

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