According to the report, aggregate profits will increase from anestimated $16.7 billion in 2001 to 17.2 billion this year.

The cost-cutting measures that saved the industry from whatPricewaterhouseCoopers says would have been a decrease of $1.3billion in 2002 profits includes: cutting jobs; reducing employees'hours; limiting serving hours in restaurants and reducing thenumber of restaurants; cutting back on service-oriented jobs suchas spa attendants, doormen and concierges; and forming employeeteams to brainstorm cost-saving strategies.

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