Corporate Profits
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Discussion: Corporate Profits
See: S&P 500 Earnings Overview
Methodology: https://www.bea.gov/resources/methodologies/nipa-handbook/pdf/chapter-13.pdf
Developments
| Date | Corporate Profits with Inventory Valuation Adjustment (IVA),
and Capital Consumption Adjustment (CCAdj) |
Corporate Profits After Tax with IVA
and CCA Adjustment |
Corporate Profits After Tax (without IVA and CCAdj) | Corporate Net Cash Flow with IVA[1] | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Billions of Dollars [2] | Q/Q | Y/Y | Q/Q B | Y/Y B | Billions of Dollars | Q/Q | Y/Y | Q/Q B | Y/Y B | Billions of Dollars | Q/Q | Y/Y | Q/Q B | Y/Y B | Billions of Dollars | Q/Q | Y/Y | Q/Q B | Y/Y B | |
| 2024-01-01 | 3,367.13 | -1.38 | 6.38 | -47.09 | 202.01 | 2,726.83 | -2.72 | 5.34 | -76.33 | 138.24 | 3,168.19 | 2.32 | 9.97 | 71.87 | 287.15 | 3,364 | -2.89 | 6.07 | -100 | 192 |
| 2023-10-01 | 3,414.22 | 4.07 | 5.11 | 133.47 | 165.83 | 2,803.16 | 3.90 | 3.82 | 105.23 | 103.08 | 3,096.32 | 2.60 | 8.64 | 78.51 | 246.23 | 3,464 | 3.53 | 9.52 | 118 | 301 |
| 2023-07-01 | 3,280.74 | 3.43 | -0.56 | 108.69 | -18.55 | 2,697.93 | 3.69 | -2.06 | 96.12 | -56.64 | 3,017.81 | 3.96 | 0.14 | 114.95 | 4.32 | 3,346 | 4.44 | 6.07 | 142 | 192 |
| 2023-04-01 | 3,172.06 | 0.22 | -2.70 | 6.94 | -87.94 | 2,601.81 | 0.51 | -4.08 | 13.21 | -110.75 | 2,902.86 | 0.76 | -7.81 | 21.82 | -245.87 | 3,204 | 1.02 | 8.52 | 32 | 252 |
| 2023-01-01 | 3,165.12 | -2.56 | 4.56 | -83.27 | 138.04 | 2,588.60 | -4.13 | 3.63 | -111.49 | 90.66 | 2,881.04 | 1.09 | -0.99 | 30.96 | -28.85 | 3,172 | 0.27 | 14.59 | 8 | 404 |
| 2022-10-01 | 3,248.39 | -1.54 | 8.62 | -50.91 | 257.75 | 2,700.08 | -1.98 | 7.06 | -54.49 | 178.16 | 2,850.09 | -5.42 | 0.08 | -163.40 | 2.27 | 3,163 | 0.27 | 15.54 | 9 | 425 |
| 2022-07-01 | 3,299.30 | 1.21 | 11.50 | 39.30 | 340.29 | 2,754.57 | 1.55 | 7.88 | 42.01 | 201.30 | 3,013.49 | -4.30 | 3.64 | -135.25 | 105.90 | 3,155 | 6.85 | 16.17 | 202 | 439 |
| 2022-04-01 | 3,260.00 | 7.69 | 9.08 | 232.92 | 271.46 | 2,712.56 | 8.59 | 4.48 | 214.62 | 116.26 | 3,148.73 | 8.21 | 6.71 | 238.84 | 197.95 | 2,952 | 6.67 | 3.49 | 185 | 100 |
| 2022-01-01 | 3,027.08 | 1.22 | 9.96 | 36.44 | 274.24 | 2,497.94 | -0.95 | 4.04 | -23.99 | 96.91 | 2,909.89 | 2.18 | 8.91 | 62.07 | 238.03 | 2,768 | 1.10 | 0.51 | 30 | 14 |
| 2021-10-01 | 2,990.64 | 1.07 | 20.41 | 31.63 | 506.89 | 2,521.93 | -1.23 | 17.98 | -31.35 | 384.35 | 2,847.82 | -2.06 | 20.29 | -59.76 | 480.35 | 2,738 | 0.82 | 7.70 | 22 | 196 |
| 2021-07-01 | 2,959.01 | -0.99 | 8.55 | -29.53 | 233.19 | 2,553.27 | -1.66 | 6.97 | -43.03 | 166.44 | 2,907.58 | -1.46 | 14.70 | -43.20 | 372.63 | 2,716 | -4.81 | -5.84 | -137 | -168 |
| 2021-04-01 | 2,988.54 | 8.56 | 45.00 | 235.70 | 927.41 | 2,596.30 | 8.13 | 45.45 | 195.27 | 811.32 | 2,950.78 | 10.44 | 60.58 | 278.91 | 1,113.26 | 2,853 | 3.60 | 27.43 | 99 | 614 |
| 2021-01-01 | 2,752.84 | 10.83 | 21.68 | 269.09 | 490.39 | 2,401.03 | 12.32 | 20.42 | 263.45 | 407.22 | 2,671.87 | 12.86 | 32.95 | 304.40 | 662.23 | 2,754 | 8.33 | 11.05 | 212 | 274 |
| 2020-10-01 | 2,483.75 | -8.88 | -1.35 | -242.08 | -33.92 | 2,137.58 | -10.44 | -2.82 | -249.25 | -62.00 | 2,367.47 | -6.61 | 11.67 | -167.48 | 247.32 | 2,542 | -11.86 | -6.91 | -342 | -189 |
| 2020-07-01 | 2,725.82 | 32.25 | 8.77 | 664.69 | 219.77 | 2,386.84 | 33.72 | 7.50 | 601.86 | 166.54 | 2,534.95 | 37.95 | 20.74 | 697.43 | 435.47 | 2,884 | 28.82 | 6.65 | 645 | 180 |
| 2020-04-01 | 2,061.13 | -8.90 | -15.73 | -201.31 | -384.66 | 1,784.98 | -10.47 | -16.87 | -208.83 | -362.26 | 1,837.52 | -8.56 | -10.45 | -172.11 | -214.53 | 2,239 | -9.72 | -14.29 | -241 | -373 |
| 2020-01-01 | 2,262.45 | -10.14 | -6.19 | -255.23 | -149.26 | 1,993.81 | -9.36 | -6.15 | -205.77 | -130.66 | 2,009.64 | -5.21 | -1.43 | -110.51 | -29.13 | 2,480 | -9.19 | -4.67 | -251 | -121 |
| 2019-10-01 | 2,517.67 | 0.46 | 4.66 | 11.62 | 112.17 | 2,199.58 | -0.93 | 4.76 | -20.72 | 99.95 | 2,120.15 | 0.98 | 5.17 | 20.66 | 104.19 | 2,731 | 0.99 | 9.03 | 27 | 226 |
| 2019-07-01 | 2,506.05 | 2.46 | 5.68 | 60.25 | 134.65 | 2,220.30 | 3.40 | 7.16 | 73.06 | 148.30 | 2,099.48 | 2.31 | 4.23 | 47.43 | 85.14 | 2,704 | 3.53 | 6.99 | 92 | 177 |
| 2019-04-01 | 2,445.80 | 1.41 | 3.07 | 34.09 | 72.87 | 2,147.24 | 1.07 | 3.68 | 22.77 | 76.28 | 2,052.05 | 0.65 | -0.54 | 13.29 | -11.23 | 2,612 | 0.42 | 1.78 | 11 | 46 |
| 2019-01-01 | 2,411.71 | 0.26 | 4.37 | 6.21 | 100.87 | 2,124.46 | 1.18 | 4.74 | 24.84 | 96.06 | 2,038.76 | 1.13 | 2.61 | 22.80 | 51.78 | 2,601 | 3.85 | 3.02 | 97 | 76 |
Q1 2024
| Billions of dollars[3] | Percent change from preceding period | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | Seasonally adjusted at annual rates | 2022 | 2023 | Quarterly rates | Quarter one year ago | ||||||||
| 2023 | 2024 | 2023 | 2024 | 2024 | |||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q1 | ||||||
| Corporate profits with inventory valuation and capital consumption adjustments | 2,922.8 | 3,208.7 | 3,258.0 | 3,165.1 | 3,172.1 | 3,280.7 | 3,414.2 | 3,393.1 | 9.8 | 1.5 | 0.2 | 3.4 | 4.1 | -0.6 | 7.2 |
| Less: Taxes on corporate income | 404.6 | 542.4 | 585.2 | 576.5 | 570.3 | 582.8 | 611.1 | 638.6 | 34.1 | 7.9 | -1.1 | 2.2 | 4.8 | 4.5 | 10.8 |
| Equals: Profits after tax with inventory valuation and capital consumption adjustments | 2,518.1 | 2,666.3 | 2,672.9 | 2,588.6 | 2,601.8 | 2,697.9 | 2,803.2 | 2,754.5 | 5.9 | 0.2 | 0.5 | 3.7 | 3.9 | -1.7 | 6.4 |
| Net dividends | 1,814.7 | 1,887.3 | 1,848.8 | 1,840.2 | 1,855.8 | 1,837.6 | 1,861.4 | 1,893.6 | 4.0 | -2.0 | 0.8 | -1.0 | 1.3 | 1.7 | 2.9 |
| Undistributed profits with inventory valuation and capital consumption adjustments | 703.4 | 779.0 | 824.1 | 748.4 | 746.0 | 860.3 | 941.7 | 860.9 | 10.8 | 5.8 | -0.3 | 15.3 | 9.5 | -8.6 | 15.0 |
| Addenda for corporate cash flow: | |||||||||||||||
| Net cash flow with inventory valuation adjustment | 2,764.9 | 3,009.5 | 3,296.5 | 3,171.7 | 3,204.0 | 3,346.1 | 3,464.3 | 3,389.3 | 8.8 | 9.5 | 1.0 | 4.4 | 3.5 | -2.2 | 6.9 |
| Undistributed profits with inventory valuation and capital consumption adjustments | 703.4 | 779.0 | 824.1 | 748.4 | 746.0 | 860.3 | 941.7 | 860.9 | 10.8 | 5.8 | -0.3 | 15.3 | 9.5 | -8.6 | 15.0 |
| Consumption of fixed capital | 2,074.3 | 2,288.9 | 2,471.8 | 2,422.8 | 2,457.3 | 2,485.3 | 2,521.7 | 2,551.4 | 10.3 | 8.0 | 1.4 | 1.1 | 1.5 | 1.2 | 5.3 |
| Less: Capital transfers paid (net) | 12.8 | 58.5 | -0.6 | -0.5 | -0.6 | -0.5 | -0.8 | 23.0 | .............. | .............. | .............. | .............. | .............. | .............. | .............. |
| Addenda: | |||||||||||||||
| Profits before tax (without inventory valuation and capital consumption adjustments) | 3,249.1 | 3,523.0 | 3,559.7 | 3,457.6 | 3,473.1 | 3,600.6 | 3,707.4 | 3,833.2 | 8.4 | 1.0 | 0.4 | 3.7 | 3.0 | 3.4 | 10.9 |
| Profits after tax (without inventory valuation and capital consumption adjustments) | 2,844.5 | 2,980.5 | 2,974.5 | 2,881.0 | 2,902.9 | 3,017.8 | 3,096.3 | 3,194.6 | 4.8 | -0.2 | 0.8 | 4.0 | 2.6 | 3.2 | 10.9 |
| Inventory valuation adjustment | -257.1 | -96.2 | 39.6 | 45.3 | 40.5 | 19.5 | 53.3 | -10.8 | .............. | .............. | .............. | .............. | .............. | .............. | .............. |
| Capital consumption adjustment | -69.3 | -218.0 | -341.3 | -337.7 | -341.5 | -339.4 | -346.4 | -429.3 | .............. | .............. | .............. | .............. | .............. | .............. | .............. |
Q4 2023
| Billions of dollars[4] | Percent change from preceding period | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | Seasonally adjusted at annual rates | 2022 | 2023 | Quarterly rates | Quarter one year ago | ||||||||
| 2022 | 2023 | 2023 | 2023 | ||||||||||||
| Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q4 | ||||||
| Corporate profits with inventory valuation and capital consumption adjustments | 2,922.8 | 3,208.7 | 3,258.0 | 3,248.4 | 3,165.1 | 3,172.1 | 3,280.7 | 3,414.2 | 9.8 | 1.5 | -2.6 | 0.2 | 3.4 | 4.1 | 5.1 |
| Less: Taxes on corporate income | 404.6 | 542.4 | 585.2 | 548.3 | 576.5 | 570.3 | 582.8 | 611.1 | 34.1 | 7.9 | 5.1 | -1.1 | 2.2 | 4.8 | 11.4 |
| Equals: Profits after tax with inventory valuation and capital consumption adjustments | 2,518.1 | 2,666.3 | 2,672.9 | 2,700.1 | 2,588.6 | 2,601.8 | 2,697.9 | 2,803.2 | 5.9 | 0.2 | -4.1 | 0.5 | 3.7 | 3.9 | 3.8 |
| Net dividends | 1,814.7 | 1,887.3 | 1,848.8 | 1,839.8 | 1,840.2 | 1,855.8 | 1,837.6 | 1,861.4 | 4.0 | -2.0 | 0.0 | 0.8 | -1.0 | 1.3 | 1.2 |
| Undistributed profits with inventory valuation and capital consumption adjustments | 703.4 | 779.0 | 824.1 | 860.2 | 748.4 | 746.0 | 860.3 | 941.7 | 10.8 | 5.8 | -13.0 | -0.3 | 15.3 | 9.5 | 9.5 |
| Addenda for corporate cash flow: | |||||||||||||||
| Net cash flow with inventory valuation adjustment | 2,764.9 | 3,009.5 | 3,296.5 | 3,163.2 | 3,171.7 | 3,204.0 | 3,346.1 | 3,464.3 | 8.8 | 9.5 | 0.3 | 1.0 | 4.4 | 3.5 | 9.5 |
| Undistributed profits with inventory valuation and capital consumption adjustments | 703.4 | 779.0 | 824.1 | 860.2 | 748.4 | 746.0 | 860.3 | 941.7 | 10.8 | 5.8 | -13.0 | -0.3 | 15.3 | 9.5 | 9.5 |
| Consumption of fixed capital | 2,074.3 | 2,288.9 | 2,471.8 | 2,363.8 | 2,422.8 | 2,457.3 | 2,485.3 | 2,521.7 | 10.3 | 8.0 | 2.5 | 1.4 | 1.1 | 1.5 | 6.7 |
| Less: Capital transfers paid (net) | 12.8 | 58.5 | -0.6 | 60.9 | -0.5 | -0.6 | -0.5 | -0.8 | .............. | .............. | .............. | .............. | .............. | .............. | .............. |
| Addenda: | |||||||||||||||
| Profits before tax (without inventory valuation and capital consumption adjustments) | 3,249.1 | 3,523.0 | 3,559.7 | 3,398.4 | 3,457.6 | 3,473.1 | 3,600.6 | 3,707.4 | 8.4 | 1.0 | 1.7 | 0.4 | 3.7 | 3.0 | 9.1 |
| Profits after tax (without inventory valuation and capital consumption adjustments) | 2,844.5 | 2,980.5 | 2,974.5 | 2,850.1 | 2,881.0 | 2,902.9 | 3,017.8 | 3,096.3 | 4.8 | -0.2 | 1.1 | 0.8 | 4.0 | 2.6 | 8.6 |
| Inventory valuation adjustment | -257.1 | -96.2 | 39.6 | 100.4 | 45.3 | 40.5 | 19.5 | 53.3 | .............. | .............. | .............. | .............. | .............. | .............. | .............. |
| Capital consumption adjustment | -69.3 | -218.0 | -341.3 | -250.4 | -337.7 | -341.5 | -339.4 | -346.4 | .............. | .............. | .............. | .............. | .............. | .............. | .............. |
Q3 2023
| Billions of dollars[5] | Percent change from preceding period | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 2021 | 2022 | Seasonally adjusted at annual rates | 2021 | 2022 | Quarterly rates | Quarter
1 year ago | ||||||||
| 2022 | 2023 | 2022 | 2023 | 2023 | |||||||||||
| Q3 | Q4 | Q1 | Q2 | Q3 r | Q4 | Q1 | Q2 | Q3 r | Q3 r | ||||||
| Corporate profits with inventory valuation and capital consumption adjustments | 2,383.3 | 2,922.8 | 3,208.7 | 3,299.3 | 3,248.4 | 3,165.1 | 3,172.1 | 3,280.7 | 22.6 | 9.8 | -1.5 | -2.6 | 0.2 | 3.4 | -0.6 |
| Less: Taxes on corporate income | 307.5 | 404.6 | 542.4 | 544.7 | 548.3 | 576.5 | 570.3 | 582.8 | 31.6 | 34.1 | 0.7 | 5.1 | -1.1 | 2.2 | 7.0 |
| Equals: Profits after tax with inventory valuation and capital consumption adjustments | 2,075.8 | 2,518.1 | 2,666.3 | 2,754.6 | 2,700.1 | 2,588.6 | 2,601.8 | 2,697.9 | 21.3 | 5.9 | -2.0 | -4.1 | 0.5 | 3.7 | -2.1 |
| Net dividends | 1,496.7 | 1,814.7 | 1,887.3 | 1,855.6 | 1,839.8 | 1,840.2 | 1,855.8 | 1,837.6 | 21.2 | 4.0 | -0.8 | 0.0 | 0.8 | -1.0 | |
| Undistributed profits with inventory valuation and capital consumption adjustments | 579.1 | 703.4 | 779.0 | 899.0 | 860.2 | 748.4 | 746.0 | 860.3 | 21.5 | 10.8 | -4.3 | -13.0 | -0.3 | 15.3 | -4.3 |
| Addenda for corporate cash flow: | |||||||||||||||
| Net cash flow with inventory valuation adjustment | 2,536.1 | 2,764.9 | 3,009.5 | 3,154.6 | 3,163.2 | 3,171.7 | 3,204.0 | 3,346.1 | 9.0 | 8.8 | 0.3 | 0.3 | 1.0 | 4.4 | 6.1 |
| Undistributed profits with inventory valuation and capital consumption adjustments | 579.1 | 703.4 | 779.0 | 899.0 | 860.2 | 748.4 | 746.0 | 860.3 | 21.5 | 10.8 | -4.3 | -13.0 | -0.3 | 15.3 | -4.3 |
| Consumption of fixed capital | 1,970.6 | 2,074.3 | 2,288.9 | 2,325.4 | 2,363.8 | 2,422.8 | 2,457.3 | 2,485.3 | 5.3 | 10.3 | 1.7 | 2.5 | 1.4 | 1.1 | 6.9 |
| Less: Capital transfers paid (net) | 13.6 | 12.8 | 58.5 | 69.7 | 60.9 | -0.5 | -0.6 | -0.5 | .......... .......... | .......... .......... .......... .......... | ............... | ||||
| Addenda: | |||||||||||||||
| Profits before tax (without inventory valuation and capital consumption adjustments) | 2,494.9 | 3,249.1 | 3,523.0 | 3,558.2 | 3,398.4 | 3,457.6 | 3,473.1 | 3,600.6 | 30.2 | 8.4 | -4.5 | 1.7 | 0.4 | 3.7 | 1.2 |
| Profits after tax (without inventory valuation and capital consumption adjustments) | 2,187.4 | 2,844.5 | 2,980.5 | 3,013.5 | 2,850.1 | 2,881.0 | 2,902.9 | 3,017.8 | 30.0 | 4.8 | -5.4 | 1.1 | 0.8 | 1.1 | 0.1 |
| Inventory valuation adjustment | -16.7 | -257.1 | -96.2 | -16.8 | 100.4 | 45.3 | 40.5 | 19.5 | .......... .......... | .......... .......... .......... .......... | ............... | ||||
| Capital consumption adjustment | -94.9 | -69.3 | -218.0 | -242.1 | -250.4 | -337.7 | -341.5 | -339.4 | .......... .......... | .......... .......... .......... .......... | ............... | ||||
Q2 2023
- Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) decreased $10.6 billion in the second quarter, compared with a decrease of $121.5 billion in the first quarter
- Profits of domestic financial corporations decreased $47.8 billion in the second quarter, compared with a decrease of $9.4 billion in the first quarter.
- Profits of domestic nonfinancial corporations increased $17.1 billion in the second quarter, in contrast to a decrease of $102.9 billion in the first quarter.
- Rest-of-the-world profits increased $20.2 billion in the second quarter, in contrast to a decrease of $9.2 billion in the first quarter. In the second quarter, receipts increased $18.2 billion and payments decreased $2.0 billion.
| [6] | Billions of dollars | Percent change from preceding period | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 2021 | 2022 | Seasonally adjusted at annual rates | 2021 | 2022 | Quarterly rates | Quarter one year ago | ||||||||
| 2022 | 2023 | 2022 | 2023 | 2023 | |||||||||||
| Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q2 | ||||||
| Corporate profits with inventory valuation and capital consumption adjustments | 2,260.1 | 2,771.1 | 2,952.6 | 3,001.3 | 3,000.0 | 2,939.5 | 2,818.1 | 2,807.5 | 22.6 | 6.6 | 0.0 | -2.0 | -4.1 | -0.4 | -6.5 |
| Less: Taxes on corporate income | 288.9 | 388.2 | 473.8 | 478.7 | 457.0 | 464.3 | 488.7 | 440.2 | 34.4 | 22.0 | -4.5 | 1.6 | 5.3 | -9.9 | -8.0 |
| Equals: Profits after tax with inventory valuation and capital consumption adjustments | 1,971.2 | 2,382.8 | 2,478.8 | 2,522.6 | 2,543.0 | 2,475.2 | 2,329.3 | 2,367.2 | 20.9 | 4.0 | 0.8 | -2.7 | -5.9 | 1.6 | -6.2 |
| Net dividends | 1,541.3 | 1,659.3 | 1,705.4 | 1,740.4 | 1,683.9 | 1,653.8 | 1,651.6 | 1,667.6 | 7.7 | 2.8 | -3.2 | -1.8 | -0.1 | 1.0 | -4.2 |
| Undistributed profits with inventory valuation and capital consumption adjustments | 429.9 | 723.6 | 773.4 | 782.2 | 859.0 | 821.4 | 677.7 | 699.6 | 68.3 | 6.9 | 9.8 | -4.4 | -17.5 | 3.2 | -10.5 |
| Addenda for corporate cash flow: | |||||||||||||||
| Net cash flow with inventory valuation adjustment | 2,374.7 | 2,778.9 | 3,018.3 | 2,954.0 | 3,135.6 | 3,146.0 | 3,126.8 | 3,187.3 | 17.0 | 8.6 | 6.1 | 0.3 | -0.6 | 1.9 | 7.9 |
| Undistributed profits with inventory valuation and capital consumption adjustments | 429.9 | 723.6 | 773.4 | 782.2 | 859.0 | 821.4 | 677.7 | 699.6 | 68.3 | 6.9 | 9.8 | -4.4 | -17.5 | 3.2 | -10.5 |
| Consumption of fixed capital | 1,958.5 | 2,068.2 | 2,302.7 | 2,275.6 | 2,343.3 | 2,385.6 | 2,448.7 | 2,487.2 | 5.6 | 11.3 | 3.0 | 1.8 | 2.6 | 1.6 | 9.3 |
| Less: Capital transfers paid (net) | 13.6 | 12.8 | 57.8 | 103.7 | 66.8 | 61.1 | -0.3 | -0.5 | .............. | .............. | .............. | .............. | .............. | .............. | .............. |
References
- ↑ https://fred.stlouisfed.org/series/CNCF
- ↑ https://fred.stlouisfed.org/series/CPROFIT
- ↑ https://www.bea.gov/sites/default/files/2024-05/gdp1q24-2nd.pdf
- ↑ https://www.bea.gov/sites/default/files/2024-03/gdp4q23-3rd.pdf
- ↑ https://www.bea.gov/sites/default/files/2023-12/gdp3q23_3rd.pdf
- ↑ https://www.bea.gov/news/2023/gross-domestic-product-second-quarter-2023-second-estimate-and-corporate-profits