WSJ: Falling Corporate Profits Blur U.S. Growth Outlook

The Wall Street Journal reports that profits at U.S. companies during the third quarter posted their largest annual decline since the recession, underscoring the competitive pressure from a strong dollar and weak global demand that could limit businesses’ ability to support stronger economic growth in the coming months.

“Profits are slowing, there’s no way around that,” said Deutsche Bank chief U.S. economist Joseph LaVorgna. “These are things that suggest we’re past the midpoint of the business cycle, unfortunately, but it doesn’t mean we can’t run this [expansion] a bit longer.”

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