Something tells me the economy is getting better.
U.S. companies’ profits rose in the third quarter to an annual rate of $1.66 trillion, the highest on record, reflecting the divergence between the recovery for the corporate sector and American households.
After-tax earnings rose by 3.2%, compared with the second quarter’s gain of 0.9%, the Commerce Department said Tuesday. Year over year, profits were 28.2% higher, as companies increased sales while keeping labor costs down.
If Barack Obama is a socialist bent on beating down corporate America and forcing Wall Street to its knees, he really sucks at it.