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Overall corporate profits have suffered two successive quarterly declines, both before and after tax up to Q1 2019 (the second quarter figures will be released at the end of August). US corporate profits are now 2% below where they were at the beginning of 2018.
Even before these revisions, non-financial sector corporate profits have been falling over the last five years. What this means is that while speculative or fictitious profits from investment in financial assets have increased sharply, especially with Trump’s tax cuts, profits in the productive sector of the US economy have stagnated at best.
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