Pathetic--even liberals have got to be bummed. How can they redistribute wealth if there is none?
From Reuters:
Corporate profits in the U.S. unexpectedly contracted in the first quarter to record their first decline in more than two years and the economy grew at the same pedestrian pace as previously estimated, a government report showed on Thursday.
After-tax corporate profits fell at a rate of 0.9 percent, the Commerce Department said, after rising at a 3.3 percent rate in the fourth quarter. The drop in profits, the first since the fourth quarter of 2008, likely reflected a slowdown in productivity growth as businesses stepped up hiring. Economists had expected corporate profits to grow at a 2.3 percent pace.
Gross domestic product growth was unrevised at annual rate of 1.8 percent, the department said in its second estimate, below economists' expectations for a 2.1 percent pace.
http://finance.yahoo.com/news/Corporate-profits-drop-in-Q1-rb-1412999475.html?x=0&.v=1
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