Tao Francis
speaker
430 appearances
7 recordings
1 series
first heard Nov 2017
last heard Nov 2022
Tao Francis’s voice in public audio — every appearance, attributed to the second.
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Appearances
Well, energy is actually doing quite well, but part of that is because they were doing so badly a year ago.
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What we're talking about is profit growth
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year over year.
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So how did companies do in terms of making profits in third quarter of this year compared to third quarter of last year?
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Of course, you do the year over year comparison to smooth out seasonal variation.
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But the result is you get situations like this quarter or third quarter where energy companies were doing still pretty badly a year ago, thanks to the slump in crude prices.
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And so this year, it's easy for them to do a whole lot better because it's pretty much an easy comparison.
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So energy is off the charts.
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Technology is doing quite well.
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Materials companies, real estate, health care are doing well, too.
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But financials have done quite poorly in the third quarter.
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And a big part of that is the insurance industry.
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Of course, with three major hurricanes, there were some wildfires, there was a lot of natural disasters.
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And insurers have to book a lot of costs, a lot of expense for the claims that they're going to pay out.
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in the quarter in which those expenses are incurred, so when the disasters happen.
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So a lot of insurance companies had to book a lot of claim payments.
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You saw insurance profits decline more than 50%, and that dragged the whole financial sector down.
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There are.
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There certainly is some concern about labor, about labor costs.
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As I said, they have been going up, not very quickly.
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Showing 401–420 of 430 · page 21 of 22
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