Record Corporate Profits Help Buoy Economy, But Biden Urges Firms to Ease Price Hikes Amid High Inflation

Corporate profits hit record highs in Q4 2022, accounting for 10% of GDP and helping to boost the economy
Strong profits allowed companies to avoid mass layoffs, which was key to avoiding a recession, per economist Mark Zandi
Consumers have remained confident and continued spending, thanks in part to low unemployment
But consumers are still paying higher prices despite evidence of slowing inflation
Biden has called out companies for raising prices while making big profits, urging more competition