by Mike ‘Mish’ Shedlock
The BEA tells us today that Corporate Profits are down 1.1% from a year ago. Profits are below a level reached in 2012.
For 9 years corporate profits have gone nowhere. The same cannot be said about the stock market or earnings.
It’s a tale of two reporting methods.
Reported Earnings vs Taxes
For tax purposes, corporations want to look as bad as possible.