NIPA’s “all-economy” profit margin declined a bit in Q4—which typically peaks before SPX profits—and that falloff coincided with the economy officially reaching full employment, based on the CBO’s Nominal GDP Output Gap. When the Output Gap has flipped positive (like in Q4), corporate profit margins usually come under immediate pressure.
Apr
07
2022
“Gapping” Lower?
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Corporate Profit Margins Profit Margins GDP Output Gap Economy Full Employment M2 Growth Marshallian KLogin
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