Groundwork Reacts to New Corporate Profits Data

August 30, 2023

Groundwork Reacts to New Corporate Profits Data

Profits are down but margins remain high, leaving room for wages to rise further even as inflation falls

Today, the Bureau of Economic Analysis released new data showing that corporate profits fell last quarter, but profit margins ticked up slightly and remained at historic highs. Groundwork Collaborative’s Acting Executive Director Kitty Richards reacted with the following statement:

“Despite the Fed’s misguided interest rate hikes, last quarter saw falling inflation and rising wages, as workers organized and fought for better pay and working conditions.

“Today’s corporate profits data shows that there’s plenty of room for prices to fall and wages to rise further, but only if corporations are forced to invest in production and pay their workers fairly instead of extracting record profits.”

Email to speak with Groundwork’s Kitty Richards about the latest corporate profits data.