Nov 30, 2023 - Economy

Corporate profits popped in Q3, just shy of all-time peak

Data: FactSet; Note: with inventory valuation and capital consumption adjustments, seasonally adjusted annualized rate; Chart: Axios Visuals
Data: FactSet; Note: with inventory valuation and capital consumption adjustments, seasonally adjusted annualized rate; Chart: Axios Visuals

Corporate America has blown past a brief wobble to its bottom line.

Driving the news: The latest numbers from the U.S. Bureau of Economic Analysis, out Wednesday, showed that total corporate profits in the third quarter grew 3.3% to an annualized rate of $3.28 trillion.

  • That's just shy of the all-time peak of $3.3 trillion reached in Q3 2022.

Why it matters: The rise in profits last quarter shows that U.S. companies have been able to adjust to the post-COVID operating environment, which includes higher wages and higher borrowing costs.

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