Recovery? Half Of US Companies Are Losing Money

We are inundated with great economic news: The stock market is at all-time high (despite wide fluctuations), unemployment is the lowest in two decades, consumer confidence is the highest in many years, and corporate profits are surging from quarter to quarter. A real economic recovery to be sure. So, you will be shocked to see the following figure (developed with my colleague Feng Gu), which I haven't seen anywhere else, nor mentioned by economists and pundits.