[Economic Indicators October, 2003]
[Page Number 8]
[From the U.S. Government Publishing Office, www.gpo.gov]



 
CORPORATE PROFITS

In the second quarter of 2003, according to current estimates, corporate 
profits before tax fell $27.9 billion (annual rate) and profits after 
tax fell $24.3 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             Divi-   Undistributed   valuation
                                           Total \2\                     ------------------------------------------------------   tax                 Total    dends      profits     adjustment
                                                       Total   Financial              Manufac-  Transpor-   Whole-
                                                                          Total \3\    turing   tation\4\    sale      Retail
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1993 ....................................     506.4     429.6     127.9      301.7       108.4       69.6      28.2      39.7     510.4     165.4      345.0    203.1        141.9         -4.0
1994 ....................................     561.0     483.7     114.7      369.0       139.6       82.9      33.1      46.6     573.4     186.7      386.7    234.9        151.8        -12.4
1995 ....................................     650.2     558.2     154.3      403.8       166.1       85.8      29.4      44.1     668.5     211.0      457.5    254.2        203.3        -18.3
1996 ....................................     729.4     628.6     165.3      463.3       181.2       91.4      42.6      52.9     726.3     223.6      502.7    297.7        205.0          3.1
1997 ....................................     800.8     690.2     185.7      504.5       195.2       85.0      49.2      63.9     792.4     237.2      555.2    335.2        220.0          8.4
1998.....................................     739.4     637.2     158.4      478.8       164.3       79.1      55.9      73.8     721.1     238.8      482.3    348.7        133.6         18.3
1999 ....................................     757.9     637.6     181.7      455.9       157.5       57.2      54.4      75.6     762.1     247.8      514.3    328.4        185.9         -4.2
2000 ....................................     767.3     624.0     201.0      423.0       159.8       36.6      62.1      73.4     782.3     259.4      522.9    376.1        146.8        -15.0
2001 ....................................     675.1     524.4     190.6      333.7        83.4       27.7      44.8      79.1     670.2     199.3      470.9    409.6         61.2          5.0
2002 ....................................     658.3     539.0     217.3      321.7        92.6       16.7      47.3      81.2     665.2     213.3      451.9    434.3         17.6         -6.9
 
2000:I ..................................     774.3     642.7     201.7      441.0       167.6       43.6      57.3      77.7     796.9     270.8      526.1    351.1        174.9        -22.6
      II ................................     784.2     642.7     193.1      449.7       176.1       35.7      66.7      74.1     800.5     267.3      533.3    369.7        163.6        -16.4
      III ...............................     772.3     626.9     204.5      422.4       160.7       34.4      67.1      74.0     780.6     257.4      523.2    386.1        137.1         -8.3
      IV ................................     738.6     583.6     204.9      378.8       134.6       32.8      57.4      67.9     751.1     241.9      509.2    397.6        111.6        -12.5
 
2001:I ..................................     696.9     560.8     208.2      352.6        92.3       36.6      45.2      75.7     707.0     217.3      489.7    402.9         86.8        -10.1
      II ................................     714.0     553.6     191.6      362.0        99.2       34.3      41.0      77.8     720.2     213.1      507.1    406.5        100.7         -6.2
      III ...............................     663.2     521.4     162.7      358.7        91.1       33.3      45.9      82.6     654.3     196.2      458.1    411.4         46.7          8.9
      IV ................................     626.3     461.6     200.1      261.5        50.9        6.5      46.9      80.5     599.1     170.6      428.5    417.7         10.8         27.2
 
2002:I ..................................     641.3     509.3     218.2      291.1        68.9       15.0      41.2      81.4     639.4     202.4      437.0    424.2         12.8          1.9
      II ................................     652.2     537.1     218.5      318.6        91.9       17.1      44.8      86.0     657.9     213.7      444.3    430.8         13.5         -5.7
      III ...............................     653.4     537.3     216.1      321.2       100.5       13.2      44.5      82.5     668.5     214.7      453.8    437.7         16.1        -15.1
      IV ................................     686.4     572.3     216.5      355.8       108.9       21.5      58.9      75.1     694.9     222.4      472.5    444.3         28.2         -8.5
 
2003:I ..................................     701.2     594.7     230.3      364.4       122.0       20.1      51.4      74.8     728.1     237.8      490.2    451.6         38.6        -26.9
      II ................................     698.1     589.9     226.6      363.3       106.9       33.8      57.3      85.9     700.2     234.3      465.9    459.5          6.4         -2.2
      III p..............................  .........  .......  .........  .........  .........  .........  ........  .........  .......  .........  ........    467.0  .............  ..........
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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.
    \4\ Transportation and public 
utilities.

    Source: Department of Commerce, 
Bureau of Economic Analysis.