Economics Weekly: Profits From the Bottom Up and the Top Down

Second-quarter earnings season kicks off this week, with what is likely to be the worst change in earnings growth since 2008.

In this Economics Weekly, we take a look at the current corporate earnings environment. We examine the latest bottom-up estimates for the S&P 500 and take a bigger picture, top-down view of the overall earnings environment using the NIPA data and the classic Kalecki-Levy Profits Equation.

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Richard de Chazal, CFA is a London-based macroeconomist covering the U.S. economy and financial markets.