U.S. Business Cycle: Private Non-farm Employment, Corporate Profits and Employee Compensation This chart highlights the decline in corporate profits and rising wages, one characteristic of the late stage of the business cycle. Image: Fidelity Investments
U.S. Corporate Income Tax Rate Thanks to Trump’s tax cuts, the median S&P500 company effective tax rate is 19%. Image: Goldman Sachs Global Investment Research
U.S. Non-Financial Corporate Debt and Net Share Repurchases (Buybacks) Thanks to low interest rates, U.S. companies are increasingly using debt to buy back shares. Image: BofA Merrill Lynch Global Research
U.S. Corporate Debt Maturity Wall This chart shows the massive wave of maturities faced by investment-grade and speculative-grade U.S. companies in coming years. Image: Oxford Economics
Cumulative Fund Flows: Global Equities and Global Government & Corporate Bonds $339 billion in inflows to bond funds globally, and $208 billion in outflows from global equity funds in 2019, as investors fear a global recession is on the horizon. Image: BofA Merrill Lynch
U.S. Corporate Profits and S&P 500 Corporate profits have mostly been flat over the past five years. Is a new bubble being formed? Image: Oxford Economics, Macrobond
Global Corporate Bond Sales Companies sold a record amount of bonds in September. Yield-seeking investors were served up $434bn of new corporate bonds globally. Image: Financial Times
Global Nominal GDP and Corporate Profits This chart shows the correlation and the slowdown in global growth and corporate profits. Historically, margin pressures have preceded the start of recessions. Image: J.P. Morgan
U.S. Consumer vs. Corporate Debt This chart puts interest rates on non-prime consumer credit accounts into perspective vs. CCC corporate bonds. Image: Goldman Sachs Global Investment Research
Buybacks – Cumulative Net Buying of U.S. Corporate Equity This chart shows that since 2009, buybacks have been the source of the rally in the U.S. stock market. Image: Oxford Economics, Macrobond
