I think this is misreading the data.

We are functionally in a recession. The only way this isn't true is because of AI investment [1]. Additionally, GDP itself is flawed because it is propped up by housing, specifically imputed rent [2]. Another ticking time bomb is the $4T private equity backlog [3].

The real product of AI of labor displacement and wage suppression.

So while this article sees profits flat outside of the Mag 7, it should really be in decline to being flat is actually an improvement (IMHO).

We're not producing anything anymore. All we're doing is driving up revenues on inelastic demand on things like food, housing, electricity and health care. That's all PE is. And that's all our economy does now.

I really think people are underestimating just how close to breaking point our society is.

[1]: https://uhero.hawaii.edu/would-we-be-in-a-recession-without-...

[2]: https://www.taxresearch.org.uk/Blog/2023/02/14/10-or-gdp-is-...

[3]: https://www.notveryprivateequity.com/eight-year-hold/