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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Nov. 20, 1980)
Page 12 THE BATTALION THURSDAY, NOVEMBER 20, 1980 The TAMU COLLEGIA TE 4-H will have a short Business Meeting Then go Dancing Thurs. Nov. 20 7:30 p.m. Kleberg Center Rm 113 Washington fii GNP estimate revised downward Sewt Corporate profits show increase United Press International WASHINGTON — U.S. corpo rate profits, after plunging to their lowest level in 25 years in the second quarter, posted a 7.9 percent gain in the third quarter, the government said Wednesday. As a further sign that the economy is slowly pulling out of this year’s recession, corporations’ after-tax profits increased $10.1 billion to $137.2 billion in the third quarter, after falling 19.6 percent in the second quarter. The Commerce Department also slightly reduced its earlier estimate of the gross national product for the July-September quarter. The department said the real value of the nation’s goods and ser vices, after adjusting for inflation, rose 0.9 percent annual rate in the third quarter to $1.4 trillion, com pared with its original estimate of a 1 percent increase. In the second quarter — the low point of this year’s recession — the GNP fell a record 9.6 percent. The Commerce Department said profits from current production — what companies make after inventor ies and capital consumption are weighted for inflation — rose $5.5 billion to a seasonally adjusted annual rate of $158.3 billion. The 3.6 percent increase in cur rent production profits follows a 12.7 percent decline in the second quarter. The department said nonfinancial corporations posted a $7.1 billion in crease in current production profits in the third quarter, while financial corporation recorded a $1 billion de cline. After-tax profits in the current production category fell 2.8 percent to a seasonally adjusted $73.1 billion in the third quarter after increasing 3.6 percent in the second quarter. The Commerce Department said inflation in the third quarter, as mea sured by the GNP report, rose 9.8 percent in the third quarter com pared with a 10.7 percent increase in the second. In its original estimate last month, the department esti mated inflation in the third quarter at 9.1 percent. Economic reports indicate the re cession, one of the shortest and shar pest since World War II, ended in late summer. But many economists fear the economic growth that began a couple of months ago will soon flat ten out. They point out underlying prob lems of productivity, inflation, un employment and high interest rates that hamper full economic recovery have yet to be resolved. The Commerce Department re ported Tuesday Americans in creased their personal income by 1.1 percent in October and their spend ing — a crucial element of economic recovery — by nearly as much. The department said personal in come grew by $23.4 billion in Octo ber, to a seasonally adjusted annual rate of $2.19 trillion. Economists called the report a favorable sign of the economy’s slow but continuing recovery, but ex pressed some concern much of the personal income increase reflected government and military pay raises rather than a boost in employment. Wages and salaries increased $18.5 billion in October. But if the government wage hikes, along with a retroactive wage settlement for com munication workers, wereu| eluded in the October figures, F and salaries would have risei | r y ears F NEW Y< of audience $11.7 billion last month, pares with a $12.8 billion iners ? ^ east ' n September, the departments# ^ ew ^ or Manufacturing payrolls inj; > na l Pub tries hard hit by the recessi® )ick Cav< eluding auto and steel mamifc id Bill N ing, continued to rise in Odd structurir The Commerce Departraeit ^etplaci said after-tax income rose by 1 General 1 cent or $17.8 billion in Octi hchwillc compared with $19.3 billion! to the mai vious month. Americans also increased spending by 1 percent last Sandra Shaber, senior ecoi with the Chase Econometrics casting firm, said the report “nobody is panicking,” but there is always a risk consul® return to historical savings pal Help Supply Critically needed Plasma While You Earn Extra CASH Plasma Products, Inc 313 College Main in College Station Relax or Study in Our Comfortable Beds While You Donate — Great Atmospher stems, is public 1 [re, and al implated, ‘ding. Federal r ised in au gamble itinue to ives, aski: But, Iseli HOURS Mon.-Frl. 8-4 Call for more Information 846-4611 Get your Xerox copies ON THE DOUBLE at Northgate, above Farmer’s Market Inexpensive, High-Quality Copies On Our Xerox 9400 FREE COLLATING in most cases. We specialize in REPORTS and DISSERTATIONS. Also: Self-service copying, typing, binding, resume writing, editing, translating. ONE STOP service for reports and dissertations. ON THE DOUBLE i 331 University 846-3755 Open M-F, 7 a.m.-lO p.m. Sat., 9-6 * ONFIRE * JR Ji m -k _ * * P* TAKE ADVANTAGE OF PRE- )f SALE PRICES! PRE-SALE WB yL DAYS ARE NOV. 16-25 FROM 10-2 DAILY IN THE MSC MAIN ^ ^ HALLWAY. SPONSORED BY ^ MSC CAMERA COMMITTEE. yi Money Saving Film Developing Developing & Printing Koda Color Prints 12 EXP $ 2.99 20 EXP $4.29 24EXP $4.95 36 EXP $7.25 • Guaranteed Satisfaction • Low, Competitive Prices • Excellent Quality • Fast Service Food prii |at underg liNot the pally con nite Hou _ • Rending, a toincmfa** nextyemf^j United Press Intenutionil WASHINGTON - FdpL will go up 12.2 percent in l^ljtPenn'st; J much of the inflationary ^ S p en( j t coming from increases in meal,Mg b ur g er try and egg prices, accordingli^g | ot Agriculture Department form highly Such an increase wouldbeli i, <j ea ttl e I cent more than this year’s! Kington f pated food price rise. m in a 50 The estimate of 12.2 pera )ora t e p r( based on “the current assesa j candles the factors which affect food[ iTampa, including production prospects, ; beat the sumption requirements, mabi average. 1 costs and the macroeconomic rrecreati look, ” the department said, )p a gay I At an annual agricultural o« j, they v conference, department econi logon bar Paul Westcott said the farmval s food would contribute more to Aether it price increases next year than; gundy o this year. iss Ameri The farm value of food is exp has beco to go up 12 to 20 percent next /ard pass compared to 6 percent thisyei ; party. Meat and poultry prices* Jo one car pected to increase about 18pa ere it s next year. Westcott said higher jmington prices will stem from farmers 1 e been c this year that led to declines is ies since prodution and smaller supplies at began a He said greater demand fort 1920s, a as consumers substitute thee gates of higher-priced meats and poo Ivedinto; and a slight production declitc 1 f orm al ( push up prices — perhaps near) ny vehicl percent. |ons, sed; Other pressure on food pri«i , even th< come from an estimated 21.5p« ;e Washir increase in the cost of sugai Tennessx sweets. sityofTei Food prices next year might) 1 varies ft as much as 15 percent if* rmet. Ab weather damages the citrus cro[ ihol—the reduces livestock marketings, year’s grain harvest is poor, the! Some hai al sugar crop is poor or anothers > the gam in general inflation raises foofifty. The ga keting costs, the department4some p e o On the average, farmers res about one-third of the consumer! 'ailgating dollar. Labor, energy, transp mized in tion and packaging that makeif ;s have pi other two-thirds are expectedS ;nt years. 9 to 11 percent next year, al* ) of Louis same as the general inflation n irk new ii Westcott said food inflation ball prog] year is expected to be 8.7 pert io station the lowest amount since 1977a ed a tailg; moderating influence on oveni It OSU-W flation. fhewinne I State ah N* Picture Size Pre-sale Price Post-sale Price T* S* 8x10 11x14 16x20 8 8 2.50 *8.00 15.00 *3.50 *10.00 *20.00 table eoul Show Your Support ® any se etc with t For House Speaker BILLY CLAYTON class of ’50 at a pre-game APPRECIATION BAR-B-Q TEXAS HALL OF FAME, F.M. 2818 SATURDAY NOV. 22 nd 11:00 A.M. TO 1:00 P.M. Tickets available at all financial Institutions and MSC Thurs & Fri. Adults — $ 1° Students — * Will