Friday’s GDP release (Q1, 2nd Estimate)(pdf) was accompanied by the BLS Corporate Profits report for the 1st Quarter.
Of course, there are many ways to adjust and depict overall Corporate Profits. For reference purposes, here is a chart from the St. Louis Federal Reserve (FRED) showing the Corporate Profits After Tax (without IVA and CCAdj) (last updated May 27, 2016, with a value of $1671.4 Billion):
Here is the Corporate Profits After Tax measure shown on a Percentage Change from a Year Ago perspective:
Data Source: FRED, Federal Reserve Economic Data, Federal Reserve Bank of St. Louis: Corporate Profits After Tax [CP]; U.S. Department of Commerce: Bureau of Economic Analysis; accessed May 27, 2016; https://research.stlouisfed.org/fred2/series/CP
The Special Note summarizes my overall thoughts about our economic situation
SPX at 2096.80 as this post is written