The U.S. grew economy grew a touch softer in the first quarter than originally reported, mainly because of a slower buildup in inventories. Gross domestic product was trimmed to an annual 2.2% pace from 2.3%.
Economists polled by MarketWatch predicted gross domestic product would be unchanged.
Adjusted corporate profits before taxes, meanwhile, fell 0.6% to mark the second straight decline.
The picture looked brighter for corporations after taxes. They paid $117.4 billion less to the government in the wake of the Trump tax cuts.
The government’s tax haul declined to annualized $328.2 billion from $445.6 billion.
As a result, adjusted aftertax profits climbed 5.9%.
Source : Market Watch