[Economic Indicators April, 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: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
 
1999:I p.........................................  .........  ........  .........  ........  .........  ........  .........  ........  .........  ........      285.6  .............  ..........
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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.