Corporate profit growth slows in 2nd quarter

Corporate profit growth slowed dramatically in the second quarter, according to the Bureau of Economic Analysis.

Companies recorded $405.6 billion in the second quarter, which is just 0.6 percent growth over the $403.2 billion in the first quarter.

This slowdown follows three quarters of spectacular growth. Profits in the second quarter were 82 percent above the same quarter of 2009.

Corporate profits are important to the local economy because they encourage companies to purchase corporate jets.