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Cost Cuts Lift Profits but Hinder Economy

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Seventy-eight percent of the 32 U.S. companies that have so far reported earnings have beat analysts' expectations, the Wall Street Journal observes this morning. Even so, much of the profit is being eked out through cost cuts."Executives say they are hesitant to reinvest such profits into their businesses," the newspaper says. "With large portions of their factories, fleets and warehouses sitting idle, some say they probably won't see reason to do so for a year or more."