[Economic Indicators March, 1998]
[Page Number 8]
[From the U.S. Government Publishing Office, www.gpo.gov]



 
CORPORATE PROFITS

In the fourth quarter of 1997, corporate profits before tax fell $16.1 
billion (annual rate) and profits after tax fell $11.5 billion.
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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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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 ......................................      456.9     383.0       82.9      300.1        116.7         24.3      38.9      465.4      165.2     300.2      195.8        104.5          -8.5
1994 ......................................      519.1     445.7       69.4      376.3        151.6         29.4      46.0      535.1      186.6     348.5      216.2        132.3         -16.1
1995 ......................................      598.4     511.7       97.6      414.1        181.3         26.9      41.9      622.6      213.2     409.4      264.4        145.0         -24.3
1996 ......................................      674.1     578.2      103.5      474.7        205.5         38.3      48.9      676.6      229.0     447.6      304.8        142.8          -2.5
1997 ......................................      735.3     636.7      119.5      517.2        224.7         51.1      55.8      729.8      249.4     480.3      336.1        144.2          r5.5
                                                                                                                                                                                                
1994:I ....................................      470.8     398.9       44.1      354.7        149.7         28.1      41.6      475.1      163.0     312.1      203.2        108.9          -4.3
      II ..................................      510.2     437.9       72.3      365.6        138.8         33.8      47.4      525.3      182.8     342.5      211.6        131.0         -15.1
      III .................................      535.0     460.7       81.3      379.5        151.6         27.3      47.2      556.2      194.6     361.6      220.0        141.6         -21.2
      IV ..................................      560.3     485.2       80.0      405.3        166.2         28.6      47.8      583.9      206.2     377.7      230.2        147.5         -23.6
                                                                                                                                                                                                
1995:I ....................................      560.4     476.9       89.5      387.3        161.9         25.5      41.0      610.7      209.6     401.0      255.5        145.6         -50.3
      II ..................................      577.2     486.8       96.3      390.4        170.3         20.3      42.3      615.0      209.1     405.9      260.8        145.1         -37.8
      III .................................      621.4     540.9      107.1      433.8        194.5         28.5      42.2      630.6      218.8     411.8      266.8        145.0          -9.3
      IV ..................................      634.5     542.1       97.4      444.7        198.4         33.2      42.1      634.1      215.3     418.8      274.4        144.5            .4
                                                                                                                                                                                                
1996:I ....................................      659.8     568.7      110.4      458.3        197.1         37.2      46.0      664.9      226.2     438.7      300.7        138.0          -5.1
      II ..................................      676.8     583.5      111.5      472.0        204.8         30.8      50.6      682.2      232.2     450.0      303.7        146.4          -5.4
      III .................................      676.4     584.6      104.0      480.7        210.5         37.7      50.6      679.1      231.6     447.5      305.7        141.8          -2.7
      IV ..................................      683.4     575.8       88.1      487.8        209.7         47.4      48.3      680.0      226.0     454.0      309.1        144.9           3.3
                                                                                                                                                                                                
1997:I ....................................      711.9     614.5      116.5      498.0        208.2         49.0      55.1      708.4      241.2     467.2      326.8        140.3           3.5
      II...................................      725.7     624.9      117.5      507.4        221.0         49.5      54.9      719.8      244.5     475.3      333.0        142.3           5.9
      III..................................      757.1     657.2      119.4      537.8        240.4         54.1      57.9      753.4      258.2     495.2      339.1        156.1           3.6
      IV ..................................      746.5     650.2      124.5      525.7        229.0         51.7      55.2      737.3      253.6     483.7      345.6        138.1          r9.2
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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.