The tendency of earnings estimates to fall

[Seth Ackerman]

	Doug Henwood wrote:

> U.S. corporate profitability peaked in late 96/early 97, and has been 
> flat-to-down since. It makes you wonder where the alleged 
> productivity boom is paying off.
.
Well it paid off in the NIPA statistics, didn't it? Output per worker
zoomed. So why didn't it show up in the profit rate? Accounting-wise,
wouldn't it have to be because the output/capital ratio (aka "capital
productivity) stagnated? Is that consistent with the data?

Seth