But it gets much worse than this.
The 25 Dow Non-Financial Companies had their Total Adjusted Earnings decline by 11% from the 2Q 2012. Yeah, that means that the 5 Dow Financial Corps had their earnings go through the roof with Total Adjusted Earnings in the 2Q 2013 up a monstrous 34% over the 2Q 2012.
Adjusted Earnings are what these companies report as their ongoing, core after-tax adjusted earnings in their earnings releases.
This 11% Total Adjusted Earnings decline in the 2Q 2013 for the 25 Dow Non-Financial Companies is a particularly troublesome signal of the US economy because these companies are pretty much among the very best ones in each sector.
And how does the US Congress react to this devastating economic news? It takes a five-week vacation.
Clearly, the US Congress-mandated Sequester spending cuts have severely harmed nearly all of these 25 Non-Financial Companies' earnings in the 2Q 2013.
Further, US Congress lack of US economic stimulation harmed these companies.
And the US Congress lack of compromise in even refusing to permit the US Government Budget already passed by both the US House and the US Senate to proceed to Conference has increased business uncertainty substantially and thus dampened much needed business capital investments.
I have to ask this question. Other than members of their own immediate families, who else are included in the 10% who approve of the actions of the US Congress? Given the way they are destroying the US economy by refusing to compromise on nearly any economic issue of substance in the past three years, a fair overall approval rating of the US Congress has to now be much lower than 10%.
And given that these stellar 25 Dow Non-Financial Companies generated a Total Adjusted Earnings decline of 11% in the 2Q 2013, that so many of the new US jobs are part-time ones, and that many of the new full-time jobs pay so little, how can the US Fed taper its US Government Security Investments in the near term?
And just why does both the US Congress and the Fed continue to significantly prop up the Big Financial Industry and in such a manner which does nothing to help the overall US economy?
Below here are the Adjusted Earnings of these 30 Dow Industrial Companies in both the 2Q 2013 and the 2Q 2012:
|2Q 2013||2Q 2012|
|mil $s||mil $s||Amount||%|
|Bank of America||4,012||2,463||1,549||63%|
|Total all 5 Financial Corps||14,152||10,580||3,572||34%|
|Johnson & Johnson||4,289||3,644||645||18%|
|Procter & Gamble||2,320||2,403||(83)||-3%|
|Total all 25 Non-Financial Corps||66,526||74,349||(7,823)||-11%|
|Total all 30 Corps||80,678||84,929||(4,251)||-5%|