Opening Statement from the September 2014 issue of Dividend Gems
First published on September 17, 2014 for subscribers to Dividend Gems
While much of the global economy continues to lose steam, the US and the UK remain atop of the advanced world with improving conditions each month. Recently, economists revised UK economic growth for 2014 and 2015 upward.
The US economy recently posted strong manufacturing and service sector PMI data, each one now at multi-year highs. Moreover, earnings for US corporations remain strong. Even the sector most vulnerable to an economic slowdown, Consumer Discretionary continues to show strength, with only 9 of its 32 sub-industries expected to report a year-over-year decline in earnings growth for the third quarter. Most of the earnings decline from the Consumer Discretionary sector is from the home builders, mainly a single builder.
As good as things look, we must keep in mind that continued weakness in China and Europe
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