Performance Derby: S&P Sectors & Industries STRG, STEG, & LTEG September, 218 Dr. Ed Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-36 jabbott@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents Table 1: Sorted on Forward Revenue Growth (%) 1 Table 2: Sorted on Forward Earnings Growth (%) 2 Table 3: Sorted on Long-Term Earnings Growth (%) 3 S&P Sectors STRG/STEG/LTEG 4-9 September, 218 / Forecasted % Growth Rate: STRG/STEG/LTEG www.
Table 1: Sorted on Forward Revenue Growth (%) Table 1: Forecasted Growth Rate STRG / STEG / LTEG, Sorted on STRG-Forward Revenue Growth (Thursday data as of August 3, 218) S&P Industry STRG STEG LTEG Internet & Direct Marketing Retail 23.4 47.6 41.2 Internet Software & Services 21.8 19. 2.1 Oil & Gas Drilling 17.1 NA NA Homebuilding 16.4 2. 28.3 Application Software 16.2 24. 26. Real Estate Services 1.4 9.7 12.8 Publishing & Printing 13.2-12.2 23.3 Trucking 13.1 27. 23.9 Fertilizers & Agricultural Chemicals 12.4 44.8 27.8 Reinsurance 12.1 49.7 4.9 Broadcasting 11.4 24.8 1. Construction Materials 1.8 2.7 21.3 Casinos & Gaming 1.2 23.1 11. Agricultural & Farm Machinery 1.2 24.7 27.4 Oil & Gas Exploration & Production 9.8 68.8 81. Distributors 9. 12.9 33. Oil & Gas Equipment & Services 9.4 46.7 37. Oil & Gas Refining & Marketing 9.4 4.7 44.7 Construction & Farm Machinery 9.4 19.8 2. Energy Sector 9.2 38. 47.8 Data Processing & Outsourced Services 9.1 17.7 19.2 Speciality Stores 9.1 17.1 14.7 Health Care Supplies 9.1 9.2 19.8 Systems Software 8.9 9.9 11.4 Integrated Oil & Gas 8.9 27.8 36.8 Life Sciences Tools & Services 8.8 13.1 13.8 Home Entertainment Software 8.7 13. 1.6 Managed Health Care 8.4 16.4 1.1 Trading Companies & Distributors 8.3 19.2 12.6 Industrial REITs 8.2-37.8 NA Alternative Carriers 8.1 -.7-16.1 Information Technology Sector 8.1 12.4 1.3 Auto Parts & Equipment 8. 11.1 11. Footwear 7.9 13. 12. Construction & Engineering 7. 28.6 26.7 Property & Casualty Insurance 7.4 19.1 1. Consumer Finance 7.4 16.4 12.7 Oil & Gas Storage & Transportation 7.4 1. 19.8 Specialized REITs 7.4 14.7 12. Air Freight & Couriers 7.3 13.3 12.6 Health Care Technology 7.3 9.8 9.7 Electronic Components 7.2 1.7 9.6 Semiconductors 7.1 8.7 14. Real Estate sector 7. -2.9 11.1 Human Resource & Employment Services 6.9 16.4 18.7 Aerospace & Defense 6.9 16.6 19.7 Industrial Gasses 6.8 11. 1.8 Electrical Components & Equipment 6.7 12. 13.3 Financial Exchanges & Data 6.7 14.7 1.4 Health Care Equipment 6.7 1.8 11.7 Distillers & Vintners 6.6 1.6 11.2 Speciality Chemicals 6.6 13.6 13.4 Investment Banking & Brokerage 6. 13.8 2.8 Consumer Discretionary Sector 6.3 13.8 23.3 Home Furnishings 6.3 8.4 6.7 Steel 6.3 1.8 12.1 Industrials Sector 6. 14.4 1.9 S&P.9 13.4 16. Diversified Support Services.8 18. 18. Diversified Chemicals.7 18. 7.3 Hotels.6 14.8 14.8 Electronic Manufacturing Services.6 9. 1.4 Airlines.6 17.2 1.4 Asset Management & Custody Banks. 1.7 11. Health Care Sector.4 1. 11. Building Products.3 11.2 1.8 Regional Banks.2 1.8 12.6 Telecommunications Services Sector.2 7.3.1 Railroads.2 19.4 19.6 Drug Retail.2 7.8 11.1 Page 1 / September, 218 / Forecasted % Growth Rate: STRG/STEG/LTEG S&P Industry STRG STEG LTEG Apparel & Accessories.1 1. 13.2 Materials Sector.1 13. 11.9 Integrated Telecommunication Services. 7.7 6.1 Health Care Facilities. 14.8 12.3 Insurance Brokers. 12.8 11.7 Apparel Retail. 11.6 1. Automotive Retail 4.8 1. 14.3 Water Utilities 4.8 8.2 8.1 Multi-Line Insurance 4.8 29.4 28.9 Home Improvement Retail 4.7 1.4 1.7 Communications Equipment 4.7 13.7 11.1 Financials Sector 4.7 1.9 13.1 Biotechnology 4.6 1. 12.7 General Merchandise Stores 4.4 11.8 11. Hypermarkets & Super Centers 4.4.6 8.2 Health Care Distributors 4.4 6.4 7.3 Technology Hardware, Storage & Peripherals4.3 13.3 11.3 Office REITs 4.3 2.1 NA Paper Packaging 4.2 16.9 18.2 Commodity Chemicals 4.2 2.8 8.1 Food Distributors 4.1 11.4 12. Consumer Electronics 4..7.6 Industrial Machinery 3.9 1.8 13.8 Agricultural Products 3.9 14.1 NA Multi-Sector Holdings 3.9 16. NA Research & Consulting Services 3.8 3.3 12.3 Diversified Banks 3.6 16.8 9.7 Packaged Foods 3. 4.8 7.8 Movies & Entertainment 3. 8. 1.7 Electronic Equipment & Instruments 3. 11.1 NA Consumer Staples Sector 3.4 7.1 8.2 Residential REITs 3.3-13.6 6.1 Retail REITs 3.3 3.4 7.8 Pharmaceuticals 3.3 6.9 8.7 Tobacco 3.2 9.2 8.7 Health Care REITs 3.1-18.4 NA Personal Products 3.1 7.7 11.1 Environmental & Facilities Services 3. 11.7 13.6 Multi-Utilities 2.8.3 6.7 Cable & Satellite 2.8 1.9 23.4 Health Care Services 2.7 1.4 1. Tires & Rubber 2.7 11.4 NA Industrial Conglomerates 2.3 6.9 9.1 Restaurants 2.2 1.6 11.6 Life & Health Insurance 2.2 11. 1.1 Leisure Products 2.2 12.7 4.6 Gold 2. 7.9 3. IT Consulting & Other Services 2.. 9.1 Semiconductor Equipment 2. 1.3 16. Electric Utilities 1.9 4.3 4.8 Utilities Sector 1.8.4 6.6 Hotel & Resort REITs 1.7 -. NA Soft Drinks 1.7 8. 8. Motorcycle Manufacturers 1.6 3.7 1. Food Retail 1..7 7.1 Computer & Electronics Retail 1.4 1.4 1.1 Advertising 1.3 7.1 6. Department Stores 1.2 4.8 6.7 Household Products 1.2. 6. Metal & Glass Containers. 17.2 13.2 Automobile Manufacturers.2 -. 14.2 Brewers.2.7 6.9 Household Appliances -. 11. 9. Specialized Consumer Services -1.4-24. 1. Independent Power Producers & Energy Tr. -3.1 23.8 43.4 Copper sub industry -7.6-16. 17.6 Housewares & Specialities -17.1-8.3 3. www.
Table 2: Sorted on Forward Earnings Growth (%) Table 2: Forecasted Growth Rate STRG / STEG / LTEG, Sorted on STEG-Forward Earnings Growth (Thursday data as of August 3, 218) S&P Industry STRG STEG LTEG Leisure Products 2.2 12.7 4.6 Oil & Gas Exploration & Production 9.8 68.8 81. Reinsurance 12.1 49.7 4.9 Internet & Direct Marketing Retail 23.4 47.6 41.2 Oil & Gas Equipment & Services 9.4 46.7 37. Fertilizers & Agricultural Chemicals 12.4 44.8 27.8 Oil & Gas Refining & Marketing 9.4 4.7 44.7 Energy Sector 9.2 38. 47.8 Multi-Line Insurance 4.8 29.4 28.9 Construction & Engineering 7. 28.6 26.7 Integrated Oil & Gas 8.9 27.8 36.8 Trucking 13.1 27. 23.9 Construction Materials 1.8 2.7 21.3 Homebuilding 16.4 2. 28.3 Broadcasting 11.4 24.8 1. Agricultural & Farm Machinery 1.2 24.7 27.4 Application Software 16.2 24. 26. Independent Power Producers & Energy Tr. -3.1 23.8 43.4 Casinos & Gaming 1.2 23.1 11. Construction & Farm Machinery 9.4 19.8 2. Railroads.2 19.4 19.6 Trading Companies & Distributors 8.3 19.2 12.6 Property & Casualty Insurance 7.4 19.1 1. Internet Software & Services 21.8 19. 2.1 Diversified Support Services.8 18. 18. Diversified Chemicals.7 18. 7.3 Data Processing & Outsourced Services 9.1 17.7 19.2 Metal & Glass Containers. 17.2 13.2 Airlines.6 17.2 1.4 Speciality Stores 9.1 17.1 14.7 Paper Packaging 4.2 16.9 18.2 Diversified Banks 3.6 16.8 9.7 Aerospace & Defense 6.9 16.6 19.7 Managed Health Care 8.4 16.4 1.1 Consumer Finance 7.4 16.4 12.7 Human Resource & Employment Services 6.9 16.4 18.7 Multi-Sector Holdings 3.9 16. NA Cable & Satellite 2.8 1.9 23.4 Financials Sector 4.7 1.9 13.1 Regional Banks.2 1.8 12.6 Automotive Retail 4.8 1. 14.3 Home Improvement Retail 4.7 1.4 1.7 Oil & Gas Storage & Transportation 7.4 1. 19.8 Health Care Facilities. 14.8 12.3 Hotels.6 14.8 14.8 Specialized REITs 7.4 14.7 12. Financial Exchanges & Data 6.7 14.7 1.4 Industrials Sector 6. 14.4 1.9 Agricultural Products 3.9 14.1 NA Consumer Discretionary Sector 6.3 13.8 23.3 Investment Banking & Brokerage 6. 13.8 2.8 Communications Equipment 4.7 13.7 11.1 Speciality Chemicals 6.6 13.6 13.4 Home Entertainment Software 8.7 13. 1.6 Materials Sector.1 13. 11.9 S&P.9 13.4 16. Air Freight & Couriers 7.3 13.3 12.6 Technology Hardware, Storage & Peripherals4.3 13.3 11.3 Life Sciences Tools & Services 8.8 13.1 13.8 Footwear 7.9 13. 12. Distributors 9. 12.9 33. Insurance Brokers. 12.8 11.7 Information Technology Sector 8.1 12.4 1.3 Electrical Components & Equipment 6.7 12. 13.3 General Merchandise Stores 4.4 11.8 11. Environmental & Facilities Services 3. 11.7 13.6 Apparel Retail. 11.6 1. Household Appliances -. 11. 9. Life & Health Insurance 2.2 11. 1.1 Food Distributors 4.1 11.4 12. Page 2 / September, 218 / Forecasted % Growth Rate: STRG/STEG/LTEG S&P Industry STRG STEG LTEG Tires & Rubber 2.7 11.4 NA Building Products.3 11.2 1.8 Electronic Equipment & Instruments 3. 11.1 NA Auto Parts & Equipment 8. 11.1 11. Industrial Gasses 6.8 11. 1.8 Steel 6.3 1.8 12.1 Health Care Equipment 6.7 1.8 11.7 Industrial Machinery 3.9 1.8 13.8 Asset Management & Custody Banks. 1.7 11. Electronic Components 7.2 1.7 9.6 Distillers & Vintners 6.6 1.6 11.2 Restaurants 2.2 1.6 11.6 Apparel & Accessories.1 1. 13.2 Biotechnology 4.6 1. 12.7 Health Care Services 2.7 1.4 1. Computer & Electronics Retail 1.4 1.4 1.1 Health Care Sector.4 1. 11. Systems Software 8.9 9.9 11.4 Health Care Technology 7.3 9.8 9.7 Real Estate Services 1.4 9.7 12.8 Tobacco 3.2 9.2 8.7 Health Care Supplies 9.1 9.2 19.8 Electronic Manufacturing Services.6 9. 1.4 Semiconductors 7.1 8.7 14. Home Furnishings 6.3 8.4 6.7 Water Utilities 4.8 8.2 8.1 Movies & Entertainment 3. 8. 1.7 Soft Drinks 1.7 8. 8. Gold 2. 7.9 3. Drug Retail.2 7.8 11.1 Personal Products 3.1 7.7 11.1 Integrated Telecommunication Services. 7.7 6.1 Telecommunications Services Sector.2 7.3.1 Advertising 1.3 7.1 6. Consumer Staples Sector 3.4 7.1 8.2 Pharmaceuticals 3.3 6.9 8.7 Industrial Conglomerates 2.3 6.9 9.1 Health Care Distributors 4.4 6.4 7.3 Consumer Electronics 4..7.6 Food Retail 1..7 7.1 Brewers.2.7 6.9 Hypermarkets & Super Centers 4.4.6 8.2 Household Products 1.2. 6. Utilities Sector 1.8.4 6.6 Multi-Utilities 2.8.3 6.7 IT Consulting & Other Services 2.. 9.1 Packaged Foods 3. 4.8 7.8 Department Stores 1.2 4.8 6.7 Electric Utilities 1.9 4.3 4.8 Motorcycle Manufacturers 1.6 3.7 1. Retail REITs 3.3 3.4 7.8 Research & Consulting Services 3.8 3.3 12.3 Commodity Chemicals 4.2 2.8 8.1 Office REITs 4.3 2.1 NA Semiconductor Equipment 2. 1.3 16. Real Estate sector 7. -2.9 11.1 Hotel & Resort REITs 1.7 -. NA Automobile Manufacturers.2 -. 14.2 Alternative Carriers 8.1 -.7-16.1 Housewares & Specialities -17.1-8.3 3. Publishing & Printing 13.2-12.2 23.3 Residential REITs 3.3-13.6 6.1 Copper sub industry -7.6-16. 17.6 Health Care REITs 3.1-18.4 NA Specialized Consumer Services -1.4-24. 1. Industrial REITs 8.2-37.8 NA Oil & Gas Drilling 17.1 NA NA www.
Table 3: Sorted on Long-Term Earnings Growth (%) Table 3: Forecasted Growth Rate STRG / STEG / LTEG, Sorted on LTEG-LongTerm Earnings Growth (Thursday data as of August 3, 218) S&P Industry STRG STEG LTEG Oil & Gas Exploration & Production 9.8 68.8 81. Energy Sector 9.2 38. 47.8 Oil & Gas Refining & Marketing 9.4 4.7 44.7 Independent Power Producers & Energy Tr. -3.1 23.8 43.4 Internet & Direct Marketing Retail 23.4 47.6 41.2 Reinsurance 12.1 49.7 4.9 Oil & Gas Equipment & Services 9.4 46.7 37. Integrated Oil & Gas 8.9 27.8 36.8 Distributors 9. 12.9 33. Multi-Line Insurance 4.8 29.4 28.9 Homebuilding 16.4 2. 28.3 Fertilizers & Agricultural Chemicals 12.4 44.8 27.8 Agricultural & Farm Machinery 1.2 24.7 27.4 Construction & Engineering 7. 28.6 26.7 Application Software 16.2 24. 26. Investment Banking & Brokerage 6. 13.8 2.8 Trucking 13.1 27. 23.9 Cable & Satellite 2.8 1.9 23.4 Consumer Discretionary Sector 6.3 13.8 23.3 Publishing & Printing 13.2-12.2 23.3 Construction Materials 1.8 2.7 21.3 Internet Software & Services 21.8 19. 2.1 Construction & Farm Machinery 9.4 19.8 2. Oil & Gas Storage & Transportation 7.4 1. 19.8 Health Care Supplies 9.1 9.2 19.8 Aerospace & Defense 6.9 16.6 19.7 Railroads.2 19.4 19.6 Data Processing & Outsourced Services 9.1 17.7 19.2 Human Resource & Employment Services 6.9 16.4 18.7 Paper Packaging 4.2 16.9 18.2 Diversified Support Services.8 18. 18. Copper sub industry -7.6-16. 17.6 Semiconductor Equipment 2. 1.3 16. S&P.9 13.4 16. Industrials Sector 6. 14.4 1.9 Home Improvement Retail 4.7 1.4 1.7 Home Entertainment Software 8.7 13. 1.6 Broadcasting 11.4 24.8 1. Financial Exchanges & Data 6.7 14.7 1.4 Airlines.6 17.2 1.4 Information Technology Sector 8.1 12.4 1.3 Computer & Electronics Retail 1.4 1.4 1.1 Managed Health Care 8.4 16.4 1.1 Property & Casualty Insurance 7.4 19.1 1. Hotels.6 14.8 14.8 Speciality Stores 9.1 17.1 14.7 Semiconductors 7.1 8.7 14. Automotive Retail 4.8 1. 14.3 Automobile Manufacturers.2 -. 14.2 Industrial Machinery 3.9 1.8 13.8 Life Sciences Tools & Services 8.8 13.1 13.8 Environmental & Facilities Services 3. 11.7 13.6 Speciality Chemicals 6.6 13.6 13.4 Electrical Components & Equipment 6.7 12. 13.3 Metal & Glass Containers. 17.2 13.2 Apparel & Accessories.1 1. 13.2 Financials Sector 4.7 1.9 13.1 Real Estate Services 1.4 9.7 12.8 Biotechnology 4.6 1. 12.7 Consumer Finance 7.4 16.4 12.7 Regional Banks.2 1.8 12.6 Air Freight & Couriers 7.3 13.3 12.6 Trading Companies & Distributors 8.3 19.2 12.6 Health Care Facilities. 14.8 12.3 Research & Consulting Services 3.8 3.3 12.3 Steel 6.3 1.8 12.1 Footwear 7.9 13. 12. Specialized REITs 7.4 14.7 12. Food Distributors 4.1 11.4 12. Materials Sector.1 13. 11.9 Page 3 / September, 218 / Forecasted % Growth Rate: STRG/STEG/LTEG S&P Industry STRG STEG LTEG Insurance Brokers. 12.8 11.7 Health Care Equipment 6.7 1.8 11.7 Restaurants 2.2 1.6 11.6 Auto Parts & Equipment 8. 11.1 11. Casinos & Gaming 1.2 23.1 11. Asset Management & Custody Banks. 1.7 11. Health Care Sector.4 1. 11. Systems Software 8.9 9.9 11.4 Technology Hardware, Storage & Peripherals4.3 13.3 11.3 Distillers & Vintners 6.6 1.6 11.2 Communications Equipment 4.7 13.7 11.1 Personal Products 3.1 7.7 11.1 Real Estate sector 7. -2.9 11.1 Drug Retail.2 7.8 11.1 General Merchandise Stores 4.4 11.8 11. Industrial Gasses 6.8 11. 1.8 Building Products.3 11.2 1.8 Movies & Entertainment 3. 8. 1.7 Health Care Services 2.7 1.4 1. Electronic Manufacturing Services.6 9. 1.4 Life & Health Insurance 2.2 11. 1.1 Apparel Retail. 11.6 1. Motorcycle Manufacturers 1.6 3.7 1. Specialized Consumer Services -1.4-24. 1. Diversified Banks 3.6 16.8 9.7 Health Care Technology 7.3 9.8 9.7 Electronic Components 7.2 1.7 9.6 Household Appliances -. 11. 9. Industrial Conglomerates 2.3 6.9 9.1 IT Consulting & Other Services 2.. 9.1 Tobacco 3.2 9.2 8.7 Pharmaceuticals 3.3 6.9 8.7 Soft Drinks 1.7 8. 8. Hypermarkets & Super Centers 4.4.6 8.2 Consumer Staples Sector 3.4 7.1 8.2 Water Utilities 4.8 8.2 8.1 Commodity Chemicals 4.2 2.8 8.1 Packaged Foods 3. 4.8 7.8 Retail REITs 3.3 3.4 7.8 Diversified Chemicals.7 18. 7.3 Health Care Distributors 4.4 6.4 7.3 Food Retail 1..7 7.1 Brewers.2.7 6.9 Multi-Utilities 2.8.3 6.7 Department Stores 1.2 4.8 6.7 Home Furnishings 6.3 8.4 6.7 Utilities Sector 1.8.4 6.6 Advertising 1.3 7.1 6. Household Products 1.2. 6. Residential REITs 3.3-13.6 6.1 Integrated Telecommunication Services. 7.7 6.1 Consumer Electronics 4..7.6 Telecommunications Services Sector.2 7.3.1 Electric Utilities 1.9 4.3 4.8 Leisure Products 2.2 12.7 4.6 Gold 2. 7.9 3. Housewares & Specialities -17.1-8.3 3. Alternative Carriers 8.1 -.7-16.1 Multi-Sector Holdings 3.9 16. NA Agricultural Products 3.9 14.1 NA Tires & Rubber 2.7 11.4 NA Electronic Equipment & Instruments 3. 11.1 NA Office REITs 4.3 2.1 NA Hotel & Resort REITs 1.7 -. NA Health Care REITs 3.1-18.4 NA Industrial REITs 8.2-37.8 NA Oil & Gas Drilling 17.1 NA NA www.
3 3 2 Figure 1. S&P STRG, STEG, & LTEG S&P Sectors STRG/STEG/LTEG LTEG (16.) STEG (13.4) STRG (.9) 3 3 2 2 2 1 1 8/3 1 1-26 27 28 29 21 211 212 213 214 21 216 217 218 219-6 Figure 2. S&P CONSUMER DISCRETIONARY STRG, STEG, & LTEG STEG capped at % 6 4 3 LTEG* (23.3) STEG* (13.8) STRG* (6.3) 4 3 2 2 1 8/3 1-1 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 21 211 212 213 214 21 216 217 218 219 Monthly data through 2, weekly thereafter. -1 Page 4 / September, 218 / Forecasted % Growth Rate: STRG/STEG/LTEG www.
2 Figure 3. S&P Sectors STRG/STEG/LTEG S&P CONSUMER STAPLES STRG, STEG, & LTEG 2 1 1 1 1 8/3 LTEG* (8.2) STEG* (7.1) STRG* (3.4) 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 21 211 212 213 214 21 216 217 218 219 Monthly data through 2, weekly thereafter. 1 7 Figure 4. S&P ENERGY STRG, STEG, & LTEG LTEG* (47.8) STEG* (38.) STRG* (9.2) STEG capped at 8% 1 7 8/3 2 2-2 -2-199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 21 211 212 213 214 21 216 217 218 219 Monthly data through 2, weekly thereafter. - Page / September, 218 / Forecasted % Growth Rate: STRG/STEG/LTEG www.
4 3 Figure. S&P Sectors STRG/STEG/LTEG S&P FINANCIALS STRG, STEG, & LTEG STEG capped at 3% 4 3 3 2 LTEG* (13.1) STEG* (1.9) STRG* (4.7) 3 2 2 2 1 8/3 1 1 1 2 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 21 211 212 213 214 21 216 217 218 219 Monthly data through 2, weekly thereafter. Figure 6. S&P HEALTH CARE STRG, STEG, & LTEG 2 1 1 1 8/3 LTEG* (11.) STEG* (1.) STRG* (.4) 1 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 21 211 212 213 214 21 216 217 218 219 Monthly data through 2, weekly thereafter. Page 6 / September, 218 / Forecasted % Growth Rate: STRG/STEG/LTEG www.
2 2 Figure 7. S&P Sectors STRG/STEG/LTEG S&P INDUSTRIALS STRG, STEG, & LTEG 2 2 1 8/3 1 1 LTEG* (1.9) STEG* (14.4) STRG* (6.) 1 - - -1-1 -1-2 6 4 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 21 211 212 213 214 21 216 217 218 219 Monthly data through 2, weekly thereafter. Figure 8. S&P INFORMATION TECHNOLOGY STRG, STEG, & LTEG LTEG* (1.3) STEG* (12.4) STRG* (8.1) -1-2 6 4 3 3 2 2 1 8/3 1-1 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 21 211 212 213 214 21 216 217 218 219 Monthly data through 2, weekly thereafter. -1 Page 7 / September, 218 / Forecasted % Growth Rate: STRG/STEG/LTEG www.
6 Figure 9. S&P Sectors STRG/STEG/LTEG S&P MATERIALS STRG, STEG, & LTEG STEG capped at % 6 4 4 3 3 2 1 8/3 2 1-1 -1-2 -3-4 - LTEG* (11.9) STEG* (13.) STRG* (.1) 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 21 211 212 213 214 21 216 217 218 219 Monthly data through 2, weekly thereafter. -2-3 -4-7 Figure 1. S&P REAL ESTATE STRG, STEG, & LTEG LTEG* (11.1) STEG* (-2.9) STRG* (7.) 7 2 2 8/3-2 -2-21 22 23 24 2 26 27 28 29 21 211 212 213 214 21 216 217 218 219 Monthly data through 2, weekly thereafter. - Page 8 / September, 218 / Forecasted % Growth Rate: STRG/STEG/LTEG www.
3 2 2 1 Figure 11. S&P Sectors STRG/STEG/LTEG S&P TELECOMMUNICATIONS SERVICES STRG, STEG, & LTEG LTEG* (.1) STEG* (7.3) STRG* (.2) 3 2 2 1 1 8/3 1 - - -1-1 -1-2 2 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 21 211 212 213 214 21 216 217 218 219 Monthly data through 2, weekly thereafter. Figure 12. S&P UTILITIES STRG, STEG, & LTEG -1-2 2 1 1 1 1 8/3 - LTEG* (6.6) STEG* (.4) STRG* (1.8) - -1 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 21 211 212 213 214 21 216 217 218 219 Monthly data through 2, weekly thereafter. -1 Page 9 / September, 218 / Forecasted % Growth Rate: STRG/STEG/LTEG www.
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