[Economic Indicators March, 1999]
[Page Number 8]
[From the U.S. Government Publishing Office, www.gpo.gov]



 
CORPORATE PROFITS

In the fourth quarter of 1998, according to current estimates, corporate 
profits before tax fell $12.4 billion (annual rate) and profits after 
tax fell $4.8 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     Tax                                          Inventory
                      Period                                                                     Nonfinancial                 before   liability                       Undistributed   valuation
                                                    Total\2\                      ------------------------------------------    tax                 Total   Dividends     profits     adjustment
                                                                Total   Financial             Manufac-   Whole-
                                                                                   Total\3\    turing     sale      Retail
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1990.............................................      358.2     292.5       68.6     223.8      112.3      17.2      20.6      371.7      140.5     231.2      143.9         87.3         -13.5
1991.............................................      378.2     309.5       87.4     222.1       92.7      20.6      26.1      374.2      133.4     240.8      147.2         93.6           4.0
1992.............................................      398.9     334.0       83.7     250.3       96.3      23.0      32.2      406.4      143.0     263.4      147.9        115.5          -7.5
1993.............................................      456.9     383.0       82.9     300.1      116.7      24.3      38.9      465.4      165.2     300.2      157.6        142.6          -8.5
1994.............................................      519.1     445.7       69.4     376.3      151.6      29.4      46.0      535.1      186.6     348.5      182.4        166.1         -16.1
1995.............................................      613.0     523.4      104.6     418.8      183.9      26.2      43.3      635.6      211.0     424.6      205.3        219.3         -22.6
1996.............................................      679.0     582.6      110.7     471.8      195.6      37.9      51.8      680.2      226.1     454.1      261.9        192.3          -1.2
1997.............................................      741.2     642.2      130.0     512.3      214.4      49.8      61.2      734.4      246.1     488.3      275.1        213.2           6.9
1998 ............................................      732.3     636.6      134.2     502.4      192.8      51.3      67.2      717.8      240.1     477.7      279.2        198.5          14.5
 
1995:I...........................................      572.6     487.5       93.9     393.6      170.3      22.8      42.5      610.5      202.9     407.6      197.1        210.5         -37.9
      II.........................................      595.5     502.3      104.2     398.1      176.9      21.2      41.9      629.4      207.6     421.9      199.0        222.8         -33.9
      III........................................      637.4     553.9      116.0     438.0      193.0      29.7      43.5      650.8      219.1     431.6      204.4        227.2         -13.4
      IV.........................................      646.5     550.0      104.4     445.6      195.4      31.1      45.3      651.8      214.3     437.5      220.7        216.8          -5.3
 
1996:I...........................................      667.0     574.4      116.5     457.9      191.6      35.6      49.7      669.9      223.9     446.0      247.6        198.4          -2.9
      II.........................................      677.1     583.7      116.6     467.0      195.0      31.9      52.5      683.4      228.6     454.8      257.1        197.6          -6.2
      III........................................      683.0     589.4      111.7     477.7      197.3      37.7      53.8      681.9      227.7     454.2      269.1        185.1           1.2
      IV.........................................      688.7     582.8       98.0     484.8      198.6      46.3      51.2      685.7      224.2     461.5      273.6        187.9           3.0
 
1997:I...........................................      720.5     624.0      127.7     496.3      200.8      48.3      60.8      712.4      238.8     473.6      274.1        199.5           8.1
      II.........................................      740.1     634.7      128.7     506.0      215.5      50.5      59.1      729.8      241.9     487.8      274.7        213.2          10.3
      III........................................      763.7     661.4      128.6     532.8      228.9      52.7      62.7      758.9      254.2     504.7      275.1        229.5           4.8
      IV.........................................      740.7     648.7      134.7     514.0      212.3      47.6      62.2      736.4      249.3     487.1      276.4        210.6           4.3
 
1998:I...........................................      744.3     645.8      136.3     509.4      197.1      51.5      67.4      719.1      239.9     479.2      277.3        201.8          25.3
      II.........................................      731.3     633.9      134.4     499.5      194.6      53.5      67.4      723.5      241.6     481.8      278.1        203.7           7.8
      III .......................................      732.1     642.2      133.2     509.0      195.0      53.9      67.1      720.5      243.2     477.3      279.0        198.3          11.7
      IV ........................................      721.5     624.7      133.0     491.7      184.5      46.3      66.8      708.1      235.6     472.5      282.3        190.2          13.4
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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.