The U.S. Census Bureau released its quarterly financial report Sept. 10 for manufacturers, mining, wholesale trade and selected service industries, showing that after-tax profits accelerated during 2Q24 — both sequentially and year-over-year.

The report was led by the overall stat that seasonally adjusted 2Q24 profits of $210.9 billion improved 3.8% from 1Q’s revised mark and up 5.1% year-over-year from 2Q23’s revised mark.

It marked the second straight sequential improvement after an 11.7% drop from 2Q23 to 2Q24.

For context, manufacturing profits recently peaked at $269.8 billion in 2Q22.

Here’s how seasonally adjusted corporate profits fared in 2Q24 broken down by selected subsectors:

• Nondurable Goods Manufacturers – 2Q24 profits grew 18.1% sequentially and grew 9.9% year-over-year
• Durable Goods Manufacturers – 2Q24 profits declined 5.1% from 1Q24 and grew 1.7% year-over-year

The Bureau reports wholesale trade after-tax profits only on a non-seasonally adjusted basis. Here’s how that looked:

• Wholesale Trade Corporations – 2Q24 profits of $25.2 billion jumped 56.7% sequentially but fell 15.0% year-over-year
  • Durable Goods – 2Q24 profits of $15.8 billion surged 85.1% sequentially but fell 12.4% year-over-year
  • Nondurable Goods – profits of $9.4 billion jumped 24.6% sequentially but fell 19.0% year-over-year

See the Bureau’s full report here.