The Split Personality Economy
Don’t tell that to Hackett. The CEO of Steelcase, the country’s largest office-furniture maker, watched his profits plunge by 51 percent in the first quarter, forcing the executive to lay off 10 percent of his work force–1,450 people. He worries that another round of layoffs of as many as 500 workers may be necessary in the fall. “Business has not picked up enough yet to take away that threat,’’ warns Hackett....