In the fourth quarter of 2023, corporate profits in the United States reached a record high of $2.8 trillion after taxes, which was a $105 billion increase from the previous quarter. This was one of the best quarters ever for corporate America, and the strength of the economy helped contribute to the profits. Some of the most profitable companies in 2023 included:
- U.S. Postal Service: $56 billion in profit
- Exxon Mobil: $55.7 billion in profit
- Chevron: $35.5 billion in profit
Some say that corporations are able to maintain high prices due to their monopoly power, and that they may also be shrinking the size of products without lowering prices. Others say that corporations are exploiting their pricing power to increase margins as input costs normalize, and that this is happening in many industries, including diapers, consumer goods, cars, groceries, and housing.