Manufacturers’ profits fell by more than $38 billion in first quarter

U.S. manufacturing corporations’ seasonally adjusted after-tax profits fell by $38.8 billion to $111.7 billion in the first quarter, from $150.5 billion in the fourth quarter of 2019, according to the U.S. Census Bureau. The first-quarter profits were down $43.2 billion, from $154.9 billion in the same period in 2019.

The Census Bureau announced Monday (June 8) the profits and sales for manufacturing industries in the first quarter.

Seasonally adjusted sales fell by $58.5 billion to $1.63 trillion in the first quarter, from $1.69 trillion in the fourth quarter of 2019. The first-quarter sales declined $66.8 billion, from $1.7 trillion in the same period in 2019.

Nondurable goods manufacturers’ seasonally adjusted after-tax profits fell $23.4 billion to $39.9 billion in the first quarter, from $63.3 billion in the fourth quarter of 2019. The first-quarter profits decreased by $27.5 billion, from $67.4 billion in the same period in 2019. Seasonally adjusted sales declined $32.9 billion to $783.2 billion in the first quarter, from $816.1 billion in the fourth quarter of 2019. The first-quarter sales were down $26.6 billion, from $809.8 billion in the same period in 2019.

Durable goods manufacturers’ seasonally adjusted after-tax profits decreased by $15.4 billion to $71.8 billion in the first quarter, from $87.2 billion in the fourth quarter of 2019. The first-quarter profits fell $15.7 billion, from $87.5 billion in the same period in 2019. Seasonally adjusted sales declined by $25.6 billion to $854.2 billion, from $879.8 billion in the fourth quarter of 2019. The first-quarter sales were down $40.1 billion, from $894.4 billion in the same period in 2019.