After-tax profits of large retail corporations in the United States dropped 27.8 percent in the first quarter 2011 than the previous quarter, a fresh sign of the slowing down recovery, reported the Commerce Department on Monday.
After-tax profits of retail corporations with assets of 50 million dollars and over totaled 16.1 billion dollars before seasonally adjusted. The figure was down 6.2 billion dollars of 22.3 billion dollars recorded in the fourth quarter 2010.
According to the government report, sales in the first quarter of 2011 at 554.6 billion dollars, were down 27 billion dollars from the 581.6 billion dollars recorded in the previous quarter.
Recent data showed that U.S. economy grew at slower pace in the first several months this year. Gross domestic production (GDP), the broad measure of overall economy, grew 1.8 percent in the first quarter 2011, down from 3.1 percent in the fourth quarter in 2010.
More and more economists are concerned about a double-dip economy. But both the International Monetary Fund and the World Bank declined the opinion.
Federal Reserve Chairman Ben Bernanke noted earlier this month that he expected the economic recovery to strengthen in the second half of this year.