Corporate profits.

[GRAPHIC OMITTED]

CORPORATE PROFITS

In the fourth quarter of 2008, according to current estimates,
corporate profits before tax fell $499.2 billion (annual rate)
and profits after tax fell $368.9 billion.

[Billions of dollars; quarterly data at seasonally
adjusted annual rates]

               Profits (before tax) with inventory valuation
                             adjustment (1)

                           Domestic industries

                                                 Nonfinancial

Period        Total (2)     Total    Financial      Total (3)

1998              738.5     635.5        165.9          469.6

1998 (4)          738.5     635.5        165.4          470.1
1999              776.8     655.3        194.3          461.1
2000              759.3     613.6        200.2          413.4
2001              719.2     549.5        227.6          322.0
2002              766.2     610.4        276.4          334.0
2003              894.5     729.0        317.3          411.8
2004            1,161.6     968.2        348.9          619.3
2005            1,582.8   1,343.3        425.3          918.1
2006            1,834.2   1,566.7        478.8        1,087.9
2007            1,835.1   1,490.5        449.9        1,040.6
2008            1,548.2   1,161.7        308.9          852.7

2005: III       1,497.1   1,244.2        362.3          881.9
      IV        1,684.6   1,447.2        431.4        1,015.8

2006: I         1,778.7   1,528.3        470.0        1,058.3
      II        1,841.6   1,571.9        493.1        1,078.8
      III       1,887.2   1,626.7        473.3        1,153.4
      IV        1,829.3   1,540.0        478.8        1,061.2

2007: I         1,794.7   1,496.6        454.1        1,042.5
      II        1,859.5   1,556.7        492.7        1,064.0
      III       1,866.1   1,509.7        460.3        1,049.3
      IV        1,820.2   1,398.9        392.4        1,006.5

2008: I         1,641.5   1,243.1        412.8          830.2
      II        1,596.0   1,222.5        383.2          839.3
      III       1,602.8   1,224.4        308.8          915.6
      IV        1,352.6     956.7        130.9          825.8

2009: I (p)         ...       ...          ...            ...

               Profits (before tax) with inventory valuation
                             adjustment (1)

                          Domestic industries

                              Nonfinancial

Period        Manufacturing   Utilities   Wholesale   Retail

1998                  173.5                    52.3     73.4

1998 (4)              157.0        32.7        53.2     66.4
1999                  150.6        33.1        55.5     65.2
2000                  144.3        24.4        59.7     59.6
2001                   52.6        24.7        52.1     71.0
2002                   48.2        10.6        49.3     79.4
2003                   76.0        11.6        55.2     86.8
2004                  152.7        18.6        79.2     91.1
2005                  243.8        28.9        97.3    120.4
2006                  304.3        55.6       107.5    132.3
2007                  316.6        58.5       102.6    132.3
2008                  239.8        54.6        76.5     91.7

2005: III             241.6        21.7        85.5    114.8
      IV              251.6        38.2       103.8    137.8

2006: I               279.2        44.9       102.3    133.5
      II              305.8        53.5        94.5    126.0
      III             333.5        62.5       128.3    132.1
      IV              298.9        61.4       104.9    137.5

2007: I               317.0        57.2       108.2    132.8
      II              350.8        54.7       112.7    145.9
      III             306.6        58.7       109.1    126.0
      IV              292.1        63.2        80.2    124.5

2008: I               240.5        46.2        49.2    112.0
      II              214.9        56.7        59.4     92.7
      III             272.6        59.1        92.1     86.2
      IV              231.2        56.3       105.2     75.8

2009: I (p)             ...         ...         ...      ...

                                      Profits after tax

              Profits    Taxes on
               before   corporate                   Net
Period            tax      income     Total   dividends

1998            718.3       248.3     470.0       351.6

1998 (4)        718.3       248.3     470.0       351.6
1999            775.9       258.6     517.2       337.4
2000            773.4       265.2     508.2       377.9
2001            707.9       204.1     503.8       370.9
2002            768.4       192.6     575.8       399.2
2003            908.1       243.3     664.8       424.7
2004          1,204.7       307.4     897.3       539.5
2005          1,620.6       413.7   1,206.9       577.4
2006          1,873.7       468.9   1,404.8       702.1
2007          1,886.3       450.4   1,435.9       788.7
2008          1,597.3       366.6   1,230.6       832.1

2005: III     1,536.3       386.4   1,149.9       581.4
      IV      1,733.3       449.2   1,284.1       613.4

2006: I       1,813.8       453.8   1,359.9       652.8
      II      1,900.1       474.8   1,425.2       688.8
      III     1,929.9       487.2   1,442.6       720.9
      IV      1,851.1       459.8   1,391.4       745.8

2007: I       1,838.9       448.5   1,390.4       761.5
      II      1,914.8       468.5   1,446.3       779.2
      III     1,897.1       451.1   1,446.1       797.6
      IV      1,894.3       433.5   1,460.9       816.4

2008: I       1,750.9       402.9   1,348.0       832.5
      II      1,750.0       406.8   1,343.2       846.4
      III     1,693.7       393.5   1,300.1       841.1
      IV      1,194.5       263.2     931.2       808.3

2009: I (p)       ...         ...       ...       766.1

                    Profits
                  after tax

                               Inventory
              Undistributed    valuation
Period              profits   adjustment

1998                  118.3         20.2

1998 (4)              118.3         20.2
1999                  179.9          1.0
2000                  130.3        -14.1
2001                  132.9         11.3
2002                  176.6         -2.2
2003                  240.1        -13.6
2004                  357.8        -43.1
2005                  629.5        -37.8
2006                  702.7        -39.5
2007                  647.3        -51.2
2008                  398.6        -49.0

2005: III             568.4        -39.1
      IV              670.6        -48.7

2006: I               707.1        -35.0
      II              736.4        -58.5
      III             721.7        -42.7
      IV              645.6        -21.8

2007: I               629.0        -44.2
      II              667.1        -55.3
      III             648.5        -31.0
      IV              644.5        -74.1

2008: I               515.5       -109.4
      II              496.7       -154.0
      III             459.1        -90.9
      IV              122.9        158.1

2009: I (p)             ...          ...

(1) See p. 4 for profits with inventory valuation and capital
consumption adjustments.

(2) Includes rest of the world, not shown separately.

(3) Includes industries not shown separately.

(4) Data by industry beginning 1998 are based on the 1997
North American Industry Classification System (NAICS) and are
not directly comparable with data for prior years shown,
which are based on the 1987 Standard Industrial Classification
(SIC).

Source: Department of Commerce, Bureau of Economic Analysis.