p.p1 after reaching the capex of $ 1,368.5 billion

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Fifth, the company’s operating conditions are good and profit after tax grows strongly. Under the impact of the subprime mortgage crisis, U.S. corporate profits in 2007 dropped to US $ 1,292.9 billion from US $ 1,394.5 billion in the previous year and further to 1,050.9 billion U.S. dollars in 2008 under the impact of the global financial crisis (Figure 10). However, since 2009, the total profit after tax of U.S. companies will recover first and will resume its strong growth. In 2010, it exceeded the highest figure of 1,443 billion U.S. dollars in the past 50 years and reached a record high of 1,443 billion U.S. dollars in 2006, setting a continuous record in 2011 and 2012 Respectively, reaching US $ 14751 and US $ 1712.9 billion respectively; while the 2012 US corporate after-tax profits were nearly double those in 2004 and three times in 2002. Judging from the quarterly figures, after seasonally adjusted annualized profits, the total profits after tax of U.S. corporations gradually dropped after reaching the capex of $ 1,368.5 billion in the third quarter of 2006, reaching a bottom of $ 643.7 billion in the fourth quarter of 2008 (Figure 11 ). Since then, U.S. companies’ profit after tax started to turn around after tax. Five quarters of the year saw the loss before the crisis in the first quarter of 2010, setting a historic high of 1.4341 trillion U.S. dollars at the time and then setting a record high continuously. In the fourth quarter of 2012, a record high of 17737 The highest historical figure of 100 million U.S. dollars was slightly revised back to 17,495 billion U.S. dollars in the first quarter of 2013. As we can see, the micro basis of the U.S. economy is rather solid. If the profits of U.S. companies continue to grow strongly after-tax profits, the strong growth of the U.S. economy can be expected.
Sixth, the recovery of the service industry is faster than the recovery of the manufacturing sector, and the economic imbalance remains the same. The recovery in the private service sector was relatively rapid. According to 2005 constant prices, the added value of private service sector in 2011 exceeded the level in 2008 and hit a record high. In 2012, it hit a new high. The share of private sector services in total GDP also rose from pre-crisis levels to 68.0% in 2008 and 68.7% in 2012 (Figure 12). In the private service sector, in addition to “wholesale” and “other service industries except the government”, the value added of the other eight sub-sectors in 2012 also surpassed 2008 levels (Figure 13). Surprisingly, as a source of the global financial crisis, the added value of “real estate and leasing in finance, insurance and real estate” not only continued to rank first in the service industry, but it also dropped by 20 billion U.S. dollars in 2008 and 2007 respectively. In 2009 After a record high in recent years, it can be said that it has hardly been affected by the crisis. One of the important reasons is that the U.S. stock market hit a record high due to the Fed’s ultra-loose monetary policy. The Dow, S & P and Nasdaq indices have stood at 15400, 1600 and 3600 respectively. As long as the Fed continues to implement ultra-loose monetary policy, the United States may still record highs. The added value of “education, medical care and social assistance” ranked the third in the private service industry and also not affected by the crisis, maintaining a steady growth. Should be said that the Obama administration measures to deal with the crisis, the historic reform of the financial regulatory and medical insurance is successful.
In contrast, private manufacturing recovered more slowly, with its value added exceeding the level of 2008 in 2012 but has not yet recovered its record high for 2007. Accordingly, the share of private manufacturing in total GDP did not return to its pre-crisis level, up from 18.4% in 2012 to 19.0% in 2008. As can be seen from Figure 12, since the end of last century, the value added of private manufacturing as a share of GDP has been on a downward trend and has not been reversed so far. As can be seen from Figure 14, the construction industry is a major sub-sector that has dragged down the recovery of private manufacturing. At 2005 comparable prices, the value added hit a recent low of $ 449.5 billion in 2011 and rebounded to 463.7 billion U.S. dollars in 2012, but was almost 13.0% lower than that of 522 billion U.S. dollars in 2008, down from 655.2 billion U.S. dollars in 2000 The highest level in history 41.3%. In addition, the added value of agriculture, forestry, animal husbandry and fishery did not return to the level of 2008. However, the manufacturing sector has basically recovered. Its value added in 2012 surpassed 2008 levels, approaching the recent peak hit in 2007, reflecting the Obama administration’s plan to revive manufacturing and export doubled. The extractive industries were hardly affected by the crisis. In 2009, their value added increased by 25.2% over 2008, of which the added value of oil and gas production surged 50.3% over 2008, demonstrating the effectiveness of the shale oil and gas revolution. However, since 2010, the value added of oil and gas mining industry will fall while at the same time, mining will support the increase in value added. The former reflects that the shale gas revolution led to a substantial drop in natural gas prices, which reflected the increased demand for related equipment from shale gas exploration and heat production.

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