According to the report, aggregate profits will increase from an estimated $16.7 billion in 2001 to 17.2 billion this year.
The cost-cutting measures that saved the industry from what PricewaterhouseCoopers says would have been a decrease of $1.3 billion in 2002 profits includes: cutting jobs; reducing employees' hours; limiting serving hours in restaurants and reducing the number of restaurants; cutting back on service-oriented jobs such as spa attendants, doormen and concierges; and forming employee teams to brainstorm cost-saving strategies.
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