2Q Corporate Profits Revised Upward

Corporate profits in the second quarter were revised up to $1.842 trillion, compared to the initial estimate of $1.840 trillion and compared to $1.735 trillion for the first quarter. Profits in the second quarter gained an annualized 27.1 percent after an 11.0 percent drop in the first quarter. Profits are after tax but without inventory valuation and capital consumption adjustments. Corporate profits on a year-on-year basis were up 4.6 percent, compared to 2.4 percent the prior quarter.