[Economic Indicators March, 1997]
[Page Number 8]
[From the U.S. Government Publishing Office, www.gpo.gov]



 
CORPORATE PROFITS

In the fourth quarter of 1996, according to preliminary estimates, 
corporate profits before tax rose $1.5 billion (annual rate) and profits 
after tax rose $6.0 billion. Financial profits were reduced $18.0 
billion to reflect a special assessment on thrift institutions to 
recapitalize the Savings Association Insurance Fund.
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                                                            [Billions of dollars; quarterly data at seasonally adjusted annual rates]                                                           
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                                                      Profits (before tax) with inventory valuation adjustment \1\                                         Profits after tax                    
                                            --------------------------------------------------------------------------------                     ------------------------------------           
                                                                                Domestic industries                           Profits                                                  Inventory
                   Period                              ---------------------------------------------------------------------  before      Tax                                          valuation
                                             Total \2\                                        Nonfinancial                      tax    liability    Total   Dividends  Undistributed  adjustment
                                                          Total   Financial ------------------------------------------------                                              profits               
                                                                             Total \3\  Manufacturing  Wholesale    Retail                                                                      
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1988.......................................      325.0     274.3       43.0      231.2        115.1         19.3      19.6      354.3      137.0     217.3      116.8        100.5         -29.3
1989.......................................      330.6     272.6       53.1      219.6        109.3         20.4      20.7      348.1      141.3     206.8      138.9         67.9         -17.5
1990.......................................      358.2     292.5       68.6      223.8        112.3         17.2      20.6      371.7      140.5     231.2      151.9         79.4         -13.5
1991.......................................      378.2     309.5       87.4      222.1         92.7         20.6      26.1      374.2      133.4     240.8      163.1         77.7           4.0
1992.......................................      398.9     334.0       83.7      250.3         96.3         23.0      32.2      406.4      143.0     263.4      169.5         93.9          -7.5
1993.......................................      457.7     388.1       91.0      297.2        109.7         25.5      39.2      464.3      163.8     300.5      197.3        103.2          -6.6
1994.......................................      517.9     453.7       94.4      359.3        142.7         34.5      42.2      531.2      195.3     335.9      211.0        124.8         -13.3
1995.......................................      570.8     494.1      119.1      375.0        145.7         29.6      38.7      598.9      218.7     380.2      227.4        152.8         -28.1
1996 p.....................................      631.0     548.9      131.9      417.0        166.5         36.6      41.8      639.9      233.0     406.8      244.2        162.6        r -8.9
                                                                                                                                                                                                
1991:IV....................................      375.2     303.6       87.6      216.1         83.8         17.0      28.6      382.8      135.2     247.6      165.3         82.2          -7.6
1992:IV....................................      420.5     361.2       83.1      278.1        105.1         28.3      37.3      420.3      149.7     270.6      180.4         90.3            .2
                                                                                                                                                                                                
1993:I.....................................      422.4     347.0       85.7      261.2         90.4         17.9      36.3      437.0      151.5     285.6      190.2         95.3         -14.6
      II...................................      442.0     375.7       88.1      287.6        108.4         28.6      38.1      457.6      162.6     295.0      195.8         99.2         -15.6
      III..................................      465.9     393.1       88.8      304.3        106.0         27.0      42.4      458.0      159.3     298.6      200.2         98.4           7.9
      IV...................................      500.5     436.8      101.3      335.4        134.0         28.7      39.8      504.5      181.7     322.8      202.9        119.9          -4.0
                                                                                                                                                                                                
1994:I.....................................      471.6     407.0       64.9      342.1        145.3         28.8      38.3      475.5      171.4     304.1      204.4         99.7          -3.9
      II...................................      516.2     452.4       97.8      354.6        134.2         39.5      43.2      526.0      192.8     333.3      208.8        124.5          -9.8
      III..................................      534.3     469.9      108.4      361.5        142.8         34.3      43.7      550.8      203.4     347.4      212.5        134.9         -16.5
      IV...................................      549.6     485.5      106.4      379.0        148.4         35.4      43.6      572.4      213.5     358.8      218.5        140.3         -22.8
                                                                                                                                                                                                
1995:I.....................................      542.6     467.5      114.3      353.2        134.7         29.7      36.0      594.5      217.3     377.2      221.7        155.5         -51.9
      II...................................      547.3     468.2      112.6      355.6        137.8         26.4      36.6      589.6      214.2     375.3      224.6        150.8         -42.3
      III .................................      597.9     527.1      130.4      396.7        153.2         31.2      42.5      607.2      224.5     382.8      228.5        154.3          -9.3
      IV ..................................      595.3     513.7      119.3      394.4        157.3         31.2      39.6      604.2      218.7     385.5      234.7        150.8          -8.8
                                                                                                                                                                                                
1996:I.....................................      624.8     541.6      134.9      406.7        161.3         37.5      41.7      642.2      233.4     408.8      239.9        168.9         -17.4
      II ..................................      633.5     555.1      136.6      418.5        164.7         32.8      44.3      644.6      236.4     408.1      243.1        165.1         -11.0
      III .................................      637.6     561.0      135.0      426.1        170.6         34.5      44.5      635.6      233.4     402.2      245.2        156.9           2.0
      IV p.................................      627.9     538.0      121.3      416.7        169.4         41.5      36.7      637.1      228.9     408.2      248.7        159.5        r -9.2
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    \1\ See p. 4 for profits with 
inventory valuation and capital 
consumption adjustments.
    \2\ Includes rest of the world, 
not shown separately.
    \3\ Includes industries not 
shown separately.
    Source: Department of Commerce, 
Bureau of Economic Analysis.