The Lehmann Letter (SM)
The chickens are coming home to roost.
As this blog has stated, rising profit margins have buoyed earnings. Now we need growing sales volume to carry earnings forward. But sales volume can’t grow in a weak economy. Residential construction must expand to transform weakness into strength. And that won’t happen until household balance sheets recover. Which won’t be soon…………
© 2011 Michael B. Lehman
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