Groundwork Reacts to New Corporate Profits Data

November 29, 2023

Groundwork Reacts to New Corporate Profits Data

Profits still historically high, leaving plenty of space for wages to rise and for relief at the register

Today, the Bureau of Economic Analysis (BEA) released new data showing that corporate profits now represent over 15% of national income, the highest in over a decade. The BEA also released a revised estimate of 3rd quarter GDP growth, showing that the economy grew at 5.2% on an annualized basis, even faster than previously understood.

This data release follows remarks by President Biden, where he called out corporations for keeping their prices high even after supply chain snarls have eased.

Groundwork’s Acting Executive Director Kitty Richards reacted with the following statement:

“Inflation has fallen dramatically even as the economy grows rapidly and unemployment remains historically low. But today’s corporate profits data show that prices can still fall further even as wages keep rising. It’s time for corporations to bring down prices and share their windfalls with the workers who drive our economy.

“Pandemic-era supply chain disruptions enabled corporations to hike prices and juice profit margins to highs not seen in more than 60 years. Now supply chains have returned to normal, but corporations in many sectors are still charging inflated prices and extracting exorbitant profit margins.

“The Administration has taken important steps to strengthen supply chains and crack down on the corporate concentration that has enabled corporations to raise prices at will. However, more must be done to hold corporations accountable for taking advantage of workers and families at the register.”

Email to speak with Groundwork’s Kitty Richards about the latest corporate profits data and the Administration’s efforts to crack down on price gouging. 


Recent Reporting on Corporate Price Gouging: