In this week's editor's letter (available here for subscribers) I mentioned the fall in earnings forecasts in the US.
A note from Albert Edwards at Socit Gnrale picks up the point today. The profits deterioration in the US and indeed elsewhere, says Edwards, is going at a "ferocious pace". According to Thomson Reuters, "negative US company pre-announcements going into the third quarter are now running at their fastest pace since Q3 2001". Forecasts have now fallen around 15% in the last year, and are being sliced at around 2% a month.
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