As the death toll from the pandemic continued to mount, US corporations enjoyed the widest profit margins in more than 70 years during the second and third quarters of 2021. US corporate profits before adjustments rose to a record high of $3.14 trillion at a seasonally adjusted annual rate in the third quarter of 2021. After tax and adjustments for inventory, profits rose to a record high $2.74 trillion, according to the most recent figures reported by the US Commerce Department.
Amid soaring profits, according to figures released by the US Bureau of Labor Statistics earlier this month, real average hourly earnings for all employees decreased 0.5 percent from September to October 2021. With inflation rising at the fastest pace since 1990, year-over-year real wages fell 1.2 percent, seasonally adjusted, from October 2020 to October 2021. When combined with a 0.3 percent decrease in the average workweek, there was a 1.6 percent fall in real weekly earnings.
— source wsws.org | 1 Dec 2021