Breaking News and Commentary from Citizens for Legitimate Government
23 Nov 2010
Corporate Profits Were Highest on Record Last Quarter 24 Nov 2010 The nation’s workers may be struggling, but American companies just had their best quarter ever. American businesses ‘earned’ profits at an annual rate of $1.66 trillion in the third quarter, according to a Commerce Department report released Tuesday. That is the highest figure recorded since the government began keeping track over 60 years ago, at least in nominal or non-inflation-adjusted terms. Corporate profits have been going gangbusters for a while. Since their cyclical low in the fourth quarter of 2008, profits have grown for seven consecutive quarters, at some of the fastest rates in history.