Profit margins hit 72-year high
Corporate profit margins jumped to the highest level since 1950 in the second quarter, Axios Markets' Matt Phillips writes from government data out yesterday.
While executives bemoaned supply-chain snarls, inflation and wage growth over the last year, profits handily outpaced costs.
The
data, from the Commerce Department's Bureau of Economic Analysis, showed Q2 2022 was a remarkably good one for corporate America. Surging profits at oil companies were a major contributor.