Corporate profits are booming. That may leave padding to absorb higher wages.
CBSN
U.S. corporate profits have never been fatter — or accounted for a bigger portion of economic growth, recent figures released by the U.S. Bureau of Economic Analysis show.
Third-quarter after-tax profits made up about 11% of GDP, a measure experts typically use to gauge the nation's economic health. It's been nearly a decade since that proportion was even close, according to BEA figures.
One reason? Companies were able to boost prices amid supply chain snags, leaving consumers paying more for everything from gasoline to food to toys. Corporate expenses haven't climbed as quickly, even as firms grapple with labor shortages and higher wages. On average, profit margins rose almost 13% in the third quarter, higher than the five-year average, according to figures from FactSet.
U.S. regulators want a federal judge to break up Google to prevent the company from continuing to squash competition through its dominant search engine after a court found it had maintained an abusive monopoly over the past decade.
The Food and Drug Administration said Wednesday that the U.S. food supply is still "one of the safest in the world," in the wake of a number of foodborne disease outbreaks affecting items ranging from organic carrots to deli meats to McDonald's Quarter Pounders. E. coli, listeria and other contaminants have sickened thousands of people and forced a number of recalls in recent months.
An Indian businessman who is one of the world's richest people has been indicted in the U.S. on charges he duped investors by concealing that his company's huge solar energy project on the subcontinent was being facilitated by an alleged $265 million bribery scheme.
We just had another election with a clear and verifiable victor, overseen by hundreds of thousands of election officials. Those public servants have suffered years of harassment, and despite their successes, are still being accused of taking part in a massive and impossible conspiracy — a conspiracy led by the party out of power to steal an election and cover up all evidence.
Giraffe populations are in trouble — and the U.S. Fish and Wildlife Service on Wednesday proposed listing three subspecies of the tall animals as endangered and two species as threatened under the Endangered Species Act.
A village in Sardinia, Italy, called Ollolai, is dangling an offer it says is for politics-weary Americans in search of a reprieve: houses for next to nothing.
President-elect Donald Trump has vowed to start the largest deportation effort in American history — his signature 2024 campaign promise — as soon as he takes office, signaling this week that he would enlist the help of the U.S. military for the massive operation to deport undocumented immigrants.
Washington — The House Ethics committee, meeting to consider the release of a report on its investigation into former Rep. Matt Gaetz, did not reach an agreement on Wednesday afternoon, the committee chairman said.
McDonald's customers may have to go elsewhere for now if they have a yen for frothy caffeinated drinks.
President-elect Donald Trump is expected to name Russ Vought to lead the Office of Management and budget, according to two sources close to the transition.
Washington — Former Republican Rep. Matt Gaetz is meeting with senators on Capitol Hill on Wednesday as he seeks to shore up support for his nomination for attorney general amid calls for the House Ethics Committee to release a report on allegations he engaged in sexual misconduct and illicit drug use.