{"id":19864,"date":"2023-09-22T09:36:20","date_gmt":"2023-09-22T08:36:20","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=19864"},"modified":"2023-09-22T09:36:20","modified_gmt":"2023-09-22T08:36:20","slug":"eurozone-a-disconnect-between-productivity-and-profits","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-a-disconnect-between-productivity-and-profits\/","title":{"rendered":"Eurozone: a disconnect between productivity and profits"},"content":{"rendered":"<h2>Chart of the Week<\/h2>\n<p>The latest earnings season has delivered some positive surprises, with many listed companies posting their highest profit margins since the 2008\u201309 global financial crisis. In national accounts, the sum of all the profits generated by eurozone companies is equivalent to gross operating surplus.<\/p>\n<p>The share of profits in value added reached its highest level since the global financial crisis in the fourth quarter of 2022. Although it has been declining since, it remains at a lofty level.<\/p>\n<p>In the past, and as the chart below shows, the pace of profit growth is generally well correlated with productivity growth. We could reasonably have expected poor productivity in recent months to push profit margins down.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-19867\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/09\/EURO-ZONE-EN-1-300x149.png\" alt=\"\" width=\"713\" height=\"354\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/09\/EURO-ZONE-EN-1-300x149.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/09\/EURO-ZONE-EN-1-1024x510.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/09\/EURO-ZONE-EN-1-768x382.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/09\/EURO-ZONE-EN-1-1536x765.png 1536w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/09\/EURO-ZONE-EN-1.png 1964w\" sizes=\"auto, (max-width: 713px) 100vw, 713px\" \/><\/p>\n<h3><b>OUR <\/b><b>ANALYSIS<\/b><\/h3>\n<p>The high inflation backdrop has enabled companies to improve profitability by raising prices despite significantly deteriorating productivity.<\/p>\n<p>In the quarters ahead, the impact of falling productivity on corporate profits is likely to increase. In addition, PMI indices are indicating an economic downturn that could accelerate the decline in profits, forcing companies to cut investment and aggravating the downturn further.<\/p>\n<p>***<\/p>\n<p>Written on September 15, 2023. This is not an investment advice. Opinions subject to change.<\/p>\n<p>See also: <a href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/japan-a-very-controlled-rise-in-rates\/\">https:\/\/latribune.lazardfreresgestion.fr\/en\/japan-a-very-controlled-rise-in-rates\/<\/a><\/p>\n<p>***<\/p>\n<p>This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the Week The latest earnings season has delivered some positive surprises, with many listed companies posting their highest&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":19872,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[],"class_list":["post-19864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Eurozone: a disconnect between productivity and profits<\/title>\n<meta name=\"description\" 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