Profits Rebound

Corporate earnings bottomed out in the final quarter of 2008 and rose steadily throughout 2009, even as GDP contracted, according to the latest estimates by the Bureau of Economic Analysis. About half of the gain represented a significant turnaround in the fortunes of the financial industry: earnings in that sector nearly quadrupled from fourth quarter 2008 to the final three months of 2009. Nonfinancial earnings were up about 16%, due mostly to growth in productivity. Nonfarm output-per-person rose 5.1% in 2009, although compensation advanced only 2.2%. In the...

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