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US: Efficiency gains point to strong profits
Thu, Nov 5 2009, 18:30 GMT
by Economic and Strategy Team
U.S. Watch
Productivity continues to surprise on the upside. According to just-released data, output per worker in the non-farm business sector surged 9.5% in Q3 2009, the strongest showing in six years. This increase more than offset the rise in hourly compensation granted to workers, leading to the third consecutive decline in unit labour costs (compensation adjusted for productivity). In other words, corporations continue to pocket the bulk of the efficiency gains. As today’s Hot Chart shows, the ratio of industry selling price to unit labour costs surged to a record level in the third quarter. Thisheralds a hefty increase in profit margins. In light of this development, we are comfortable with our current forecast calling for a 30% increase in S&P 500 profits over the next year.
Published on Thu, Nov 5 2009, 18:35 GMT
National Bank of Canada
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This presentation may contain certain forward-looking statements about the 2009 Economic and Financial Outlook. Such statements are subject to risk and uncertainties. Actual results may differ materially due to a variety of factors, including legislative or regulatory developments, competition, technological change and economic conditions in Canada, North America or internationally. These and other factors should be considered carefully and readers should not rely unduly on National Bank of Canada’s forward-looking statements. This presentation may not be reproduced in whole or in part, or further distributed or published or referred to in any manner whatsoever, nor may the information, opinions or conclusions contained in it be referred to without in each case the prior express consent of National Bank.Interested in forex trading? forex brokerage firms!
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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