Corporate America

Layoffs Lead to Near-Record Profits

Does this at least mean big holiday bonuses for those people who still have jobs? The Wall Street Journal says that U.S. companies will soon post their sixth-highest quarterly profit ever in large part because of the money they’ve saved by laying off workers and cutting other costs. “Big companies are recovering from the downturn faster and more strongly than the overall economy,” the Journal says. Companies on the S&P 500 posted second-quarter profits of $189 billion, up 38 percent from 2009.