While the stock market is up sharply since early March, the economy as well as corporate earnings continue to suffer. Today's chart helps provide some perspective as to the magnitude of the current economic decline. Today's chart illustrates that 12-month, as-reported S&P 500 earnings have declined over 90% over the past 20 months (with over 90% of S&P 500 companies having reported for Q1 2009), making this by far the largest decline on record (the data goes back to 1936). In fact, real earnings have dropped to a record low and if current estimates hold, Q3 2009 will see the first 12-month period during which S&P 500 earnings are negative.
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Quote of the Day
"What experience and history teach is this--that people and governments never have learned anything from history, or acted on principles deduced from it." - Georg Hegel
Events of the Day
May 16, 2009 - Preakness Stakes - Armed Forces Day
May 18, 2009 - Victoria Day (Canada)
May 24, 2009 - French Open tennis tournament begins (ends June 7th) - Indianapolis 500
May 25, 2009 - Memorial Day (observed)
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