Posted at 11:26 AM on October 11, 2011
by Paul Tosto
Banks will be the next local protest target with a march happening now in Minneapolis.
Corporate profits have been one target of the protests here and across the country. Wells Fargo, one of today's Minnesota protest targets, earned a record second quarter profit this year. It got us thinking about the state of corporate profits generally. Do the protesters have a point?
Corporate profits have rebounded in the recession, though the rebound is slowing.
Here's a chart from the Federal Reserve Bank of St. Louis showing corporate profits since 1990.
And here's a chart showing total non-farm U.S. employment in the same period.
So whether you like the protesters and their tactics, there's evidence that at this point in the recovery corporate profits have recovered faster than jobs have returned.
What should be done about that is another question.
In Washington tonight, the Senate will vote on President Obama's jobs bill, though it's widely expected to die there in a procedural vote.