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Macrodur

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Questiion

What is this model trying to do?

Inputs needed

Data on Macroeconomic variabl

How do I read the outpout?


Answer
We are trying to estimate how the cash flows of a firm, and its value change as a function of the
changes in macroeconomic variables. This will help us in the design of debt/
You will need to input operating income, market value of equity and total debt
outstanding each year for the periods, starting with the latest one. If your firm has been listed
for 3 years or less, skip this spreadsheet.
The updated macroeconomic data is available in a dataset called macro.xls which is
available under updated on my web site. You can get the data for yourself by visiting
the St.Louis Fed Reserve site. I have included the same data in the worksheets
that are attached to this spreadsheet. Please make sure that you match up the data
for your company with the right year.
With a grain of salt. These are regressions with relatively few observations and one outlier can cause
strange results. If the numbers from the regressiion do not make intuitive sense, use the sector
averages worksheet that is in this spreadsheet to estimate bottom up estimates. You will need to
know the SIC code for your company but you can look that up by downloading the entire company
excel spreadsheet under updated data on my website (it should be towards the top of the page),
looking for your company and checking for the SIC code.
Inputs
Enter the number of periods for which you have data = 11 ! You can use annual data or you can use qu
You can enter up to 48 periods of data.
Input the data below, starting with the most recent year
Period Operating Incom Market Cap Total Debt
1 $27,801.00 $ 231,814.00 $54,136.00
2 $26,558.00 $ 209,728.00 $53,427.00
3 $25,542.00 $ 197,142.00 $49,864.00
4 $24,002.00 $ 202,286.00 $41,320.00
5 $22,798.00 $ 184,946.00 $42,218.00
6 $21,952.00 $ 201,590.00 $44,671.00
7 $20,497.00 $ 197,007.00 $39,018.00
8 $18,713.00 $ 192,048.00 $38,729.00
9 $17,091.00 $ 221,861.00 $31,052.00
10 $12,673.00 $ 232,147.00 $26,466.00
11 $11,334.00 $210,081.00 $25,388.00
annual data or you can use quarterly data
up to 48 periods of data.
Important: I have assumed that your most recent year (2018) is the last year fo
If you are using older data or are using quarterly data, please pull the percenta
Output Based on Firm Value
Slope of regression vs Interest rate change 6.08
Duration of the firm's assets = 0.00
Cyclicality of firm's assets = -1.38
Sensitivity to Inflation = 0.96
Sensitivity to Dollar movements = 0.67

Input the appropriate data for changes in firm value, GDP, inflation and the dollar below: (See worksheets)
Period Change in OI Change in Firm Value
1 4.68% 8.66%
2 3.98% 6.54%
3 6.42% 1.40%
4 5.28% 7.24%
5 3.85% -7.75%
6 7.10% 4.34%
7 9.53% 2.27%
8 9.49% -8.75%
9 34.86% -2.20%
10 11.81% 9.83%
11
year (2018) is the last year for which I have data and that you are using annual data.
data, please pull the percentage changes from the worksheets in this spreadsheet.
Based on Operating Income
-1.46
1.46 ! To get more detailed regression results, open data analysis
-0.44 and run a regression of change in OI (firm value) against changes
-1.60 in macro economic variables.
-0.79

nd the dollar below: (See worksheets)


Change in LT Bond Rate Change in GDPChange in InflationChange in Currency
0.27% 3.08% -0.16% 0.66%
-0.04% 2.47% 0.02% -0.28%
0.18% 1.88% 1.42% 4.62%
0.10% 2.00% -0.01% 12.51%
-0.84% 2.70% -0.83% 3.10%
1.24% 2.61% -0.24% 1.13%
-0.11% 1.47% -1.26% 2.75%
-1.36% 1.61% 1.60% -4.59%
-0.53% 2.57% -1.34% -3.61%
1.56% 0.18% 2.84% 5.77%
ng annual data.
preadsheet.
Steps
1. To compute a bottom up measure of macro sensitivity, the first step is to find the SIC that goes with the business or busin
If you have a tough time finding the SIC code, use the alternate route of business classifications below.
2. The next step is to attach a value to each business. If you cannot estimate the value, you can use revenues.
Option 1: Use 4-digit SIC codes
SIC Code Value Weight Duration Cyclicality Inflation
5311 $100 100.00% 3.01008985 -0.29774524 1.90677838
0.00% 0 0 0
0.00% 0 0 0
0.00% 0 0 0
0.00% 0 0 0
0.00% 0 0 0
0.00% 0 0 0
0.00% 0 0 0
0.00% 0 0 0
0.00% 0 0 0
Firm $100 100.00% 3.01 -0.30 1.91

Option 2: Use business classifications


Business Value Weight Duration Cyclicality Inflation
GENERAL MERCHANDISE STORES $100 100.00% 4.22 0.93 0.63
0.00% 0.00 0.00 0.00
0.00% 0.00 0 0
0.00% 0.00 0 0
0.00% 0.00 0 0
0.00% 0.00 0 0
0.00% 0.00 0 0
0.00% 0.00 0 0
0.00% 0.00 0 0
0.00% 0.00 0 0
Firm $100 100.00% 4.22 0.93 0.63
goes with the business or businesses that your firm is in. (Use sector average worksheet)
ations below.
can use revenues.
SIC codes are four digit numbers. To help you n
Currency first two digits of the SIC code to see broad industry classifications. You
0.69388918 use the averages across the sector or sectors you are in.
0 http://www.melissadata.com/lookups/sic.asp
0 SIC 2-digit
0 1
0 2
0 79
0 56
0 23
0 75
0 55
0.69 15
52

73
Currency 28
0.46 12
0.00 48
0 17
0 60
0 58
0 82
0 49
0 36
0 87
0 34
0.46 20
54
8
25
53
80
16
67
57
70
35
64
63
31
41
24
38
10
14
39
76
59
78
42
99
61
13
26
72
29
46
33
27
40
65
30
62
83
32
22
21
45
37
47
44
50
51
e sector average worksheet)

codes are four digit numbers. To help you narrow down the list, here is the
two digits of the SIC code to see broad industry classifications. You can
he averages across the sector or sectors you are in.
/www.melissadata.com/lookups/sic.asp
Broad Industry Group Duration Cyclicality Inflation Currency
AGRICULTURAL PRODUCTION-CROPS 5.08 0.22 -0.45 -6.36
AGRICULTURAL PRODUCTION-LIVESTOCK 2.04 0.92 1.67 1.49
AMUSEMENT & RECREATION SERVICES 5.01 0.69 0.58 -1.14
APPAREL & ACCESSORY STORES 6.63 0.94 1.38 -0.71
APPAREL & OTHER FINISHED PRODUCTS-MFRS 5.37 1.00 0.46 -0.49
AUTO REPAIR SERVICES & PARKING 4.22 0.78 2.28 -2.08
AUTOMOTIVE DEALERS & SERVICE STATIONS 6.35 0.47 0.26 1.41
BUILDING CONSTRUCTION-GEN CONTRACTORS 5.69 1.04 3.26 0.12
BUILDING MATERIALS & HARDWARE 5.33 0.61 -1.76 -0.86

BUSINESS SERVICES 5.43 0.72 0.67 -1.61


CHEMICALS & ALLIED PRODUCTS MFRS 4.10 0.74 1.71 -0.73
COAL MINING 3.77 0.39 0.95 -0.57
COMMUNICATIONS 6.59 0.96 0.10 -0.95
CONSTRUCTION-SPECIAL TRADE CONTRACTORS 5.23 0.61 -5.96 -5.87
DEPOSITORY INSTITUTIONS 4.96 1.01 -1.07 0.66
EATING & DRINKING PLACES 7.55 0.60 0.29 -1.78
EDUCATIONAL SERVICES 8.41 0.58 2.20 -2.28
ELECTRIC GAS & SANITARY SERVICES 5.10 0.46 1.88 -2.06
ELECTRONIC & OTHER ELECTRICAL EQUIP MFR 5.44 0.84 2.47 -0.48
ENGINEERING & ACCOUNTING & MGMT SVCS 5.28 0.90 -1.58 -0.15
FABRICATED METAL PRODUCTS MFRS 5.18 0.71 0.86 -0.61
FOOD & KINDRED PRODUCTS MFRS 4.83 0.79 0.07 -0.05
FOOD STORES 3.41 0.91 2.23 -1.47
FORESTRY 5.33 1.82 3.16 3.29
FURNITURE & FIXTURES MFRS 5.51 0.88 0.10 -0.11
GENERAL MERCHANDISE STORES 4.22 0.93 0.63 0.46
HEALTH SERVICES 4.88 0.66 1.50 -0.09
HEAVY CONSTRUCTION EXCEPT BUILDING 1.81 1.02 4.19 -0.49
HOLDING & OTHER INVESTMENT OFFICES 4.45 1.13 0.13 -0.77
HOME FURNITURE & FURNISHINGS STORES 5.74 0.76 0.95 0.99
HOTELS ROOMING HOUSES & CAMPS 5.87 0.72 0.34 -0.84
INDUSTRIAL & COMMERCIAL MACHINERY MFRS 4.53 0.89 -0.25 -1.00
INSURANCE AGENTS BROKERS & SERVICE 5.47 -0.15 -0.80 -3.20
INSURANCE CARRIERS 7.28 0.71 -1.08 -1.56
LEATHER & LEATHER PRODUCTS MFRS 5.91 0.88 -0.68 -2.11
LOCAL/SUBURBAN TRANSIT & HWY PASSENGER 2.40 0.84 -1.23 -3.64
LUMBER & WOOD PRODS EXCEPT FURNTR MFRS 5.93 0.74 0.29 0.41
MEASURING & ANALYZING INSTRUMENTS-MFRS 4.98 0.55 0.96 -0.69
METAL MINING 2.76 0.75 0.81 0.76
MINING & QUARRYING-NONMETALLIC MINERALS 2.79 0.89 1.63 1.87
MISCELLANEOUS MANUFACTURING INDS MFRS 4.22 0.83 0.15 -2.90
MISCELLANEOUS REPAIR SERVICES 4.56 0.06 4.91 0.42
MISCELLANEOUS RETAIL 4.02 0.82 1.36 1.07
MOTION PICTURES 5.36 0.51 4.34 -2.45
MOTOR FREIGHT TRANSPORTATION/WAREHOUSE 5.12 0.50 1.32 -4.91
NONCLASSIFIED ESTABLISHMENTS 3.43 1.37 1.61 3.59
NONDEPOSITORY CREDIT INSTITUTIONS 4.19 0.73 1.01 0.31
OIL & GAS EXTRACTION 4.21 0.53 2.99 -2.50
PAPER & ALLIED PRODUCTS MFRS 3.38 0.80 1.80 -0.24
PERSONAL SERVICES 5.56 0.64 1.04 -0.98
PETROLEUM REFINING & RELATED INDS MFRS 2.45 0.51 -0.02 0.56
PIPELINES EXCEPT NATURAL GAS 1.57 0.63 1.46 -1.75
PRIMARY METAL INDUSTRIES MFRS 3.53 1.08 2.95 1.53
PRINTING PUBLISHING & ALLIED INDUSTRIES 4.10 0.66 3.29 -1.12
RAILROAD TRANSPORTATION 5.76 0.24 2.41 -1.95
REAL ESTATE 3.72 1.01 -0.53 -0.96
RUBBER & MISCELLANEOUS PLASTICS MFRS 5.29 0.73 1.46 -1.08
SECURITY & COMMODITY BROKERS 6.69 0.91 -1.15 -1.17
SOCIAL SERVICES 1.11 1.14 -7.34 -2.06
STONE CLAY GLASS & CONCRETE PRODS MFRS 5.46 0.72 0.54 -1.96
TEXTILE MILL PRODUCTS MFRS 3.72 0.71 2.36 0.52
TOBACCO PRODUCTS MFRS 8.74 0.35 -0.40 -3.89
TRANSPORTATION BY AIR 2.70 0.98 -0.98 0.65
TRANSPORTATION EQUIPMENT MFRS 4.56 0.86 0.68 -0.99
TRANSPORTATION SERVICES 6.41 0.97 2.77 0.59
WATER TRANSPORTATION 6.08 0.64 5.58 -4.78
WHOLESALE TRADE-DURABLE GOODS 3.79 0.77 0.63 -0.30
WHOLESALE TRADE-NONDURABLE GOODS 4.38 0.81 -0.27 -0.44
t, here is the
Date T.Bond Rate Change in rate Real GDP % Chg in GDP CPI Change in CPIWeighted Dollar% Change in $
2018 2.69% 0.27% 18784.632 3.08% 1.95% -0.16% 122.91 0.66%
2017 2.41% -0.04% 18223.758 2.47% 2.11% 0.02% 122.10 -0.28%
2016 2.45% 0.18% 17784.185 1.88% 2.09% 1.42% 122.45 4.62%
2015 2.27% 0.10% 17456.225 2.00% 0.66% -0.01% 117.04 12.51%
2014 2.17% -0.84% 17113.945 2.70% 0.67% -0.83% 104.02 3.10%
2013 3.04% 1.24% 16663.649 2.61% 1.51% -0.24% 100.89 1.13%
2012 1.78% -0.11% 16239.138 1.47% 1.76% -1.26% 99.77 2.75%
2011 1.89% -1.36% 16004.107 1.61% 3.06% 1.60% 97.10 -4.59%
2010 3.30% -0.53% 15750.625 2.57% 1.44% -1.34% 101.77 -3.61%
2009 3.85% 1.56% 15356.058 0.18% 2.81% 2.84% 105.58 5.77%
2008 2.25% -1.72% 15328.027 -2.75% -0.02% -3.97% 99.82 -3.59%
2007 4.04% -0.64% 15761.967 1.97% 4.11% 1.55% 103.54 -4.72%
2006 4.71% 0.31% 15456.928 2.59% 2.52% -0.79% 108.67 -1.92%
2005 4.39% 0.14% 15066.597 3.13% 3.34% 0.00% 110.80 -2.57%
2004 4.24% -0.03% 14609.876 3.28% 3.34% 1.28% 113.72 -4.62%
2003 4.27% 0.42% 14145.645 4.33% 2.04% -0.43% 119.23 -5.96%
2002 3.83% -1.18% 13559.032 2.09% 2.48% 0.86% 126.78 0.59%
2001 5.07% -0.05% 13280.859 0.15% 1.60% -1.77% 126.04 5.44%
2000 5.12% -1.25% 13260.506 2.97% 3.44% 0.74% 119.54 2.90%
1999 6.45% 1.72% 12877.593 4.81% 2.68% 1.05% 116.17 0.24%
1998 4.65% -1.04% 12287.000 4.88% 1.61% -0.09% 115.89 10.97%
1997 5.75% -0.64% 11715.393 4.49% 1.70% -1.63% 104.43 7.15%
1996 6.43% 0.81% 11212.205 4.42% 3.38% 0.83% 97.46 5.18%
1995 5.58% -2.10% 10737.478 2.20% 2.53% -0.06% 92.66 1.96%
1994 7.84% 1.90% 10506.372 4.12% 2.60% -0.21% 90.87 8.46%
1993 5.83% -0.82% 10091.049 2.61% 2.81% -0.15% 83.78 8.93%
1992 6.70% -0.01% 9834.510 4.38% 2.97% -0.01% 76.91 3.45%
1991 6.71% -1.27% 9421.565 1.17% 2.98% -3.08% 74.35 4.11%
1990 8.08% 0.14% 9312.937 0.60% 6.25% 1.54% 71.41 6.73%
1989 7.93% -1.11% 9257.128 2.74% 4.64% 0.22% 66.90 9.82%
1988 9.14% 0.28% 9009.913 3.80% 4.41% 0.08% 60.92 0.82%
1987 8.83% 1.49% 8680.162 4.48% 4.33% 3.11% 60.42 -3.09%
1986 7.23% -1.62% 8308.021 2.91% 1.19% -2.51% 62.35 -7.16%
1985 9.00% -2.29% 8073.239 4.18% 3.79% -0.24% 67.16 11.72%
1984 11.55% 7749.151 4.04% 60.11
Data FRED series Description
T.Bond Rate DGS10 Ten-year US treasury bond rate
Real GDP GDPC1 Real Gross Domestic Product, Billions of Chained 2009 Dollars, Annual, Seasonally Adjusted Annual Rate
CPI CPIAUCSL_PC1 Consumer Price Index for All Urban Consumers: All Items, Percent Change from Year Ago, Annual, Seasonally Adjusted
Weighted $ TWEXBANL Trade Weighted U.S. Dollar Index: Broad, Index 1997=100, Annual, Not Seasonally Adjusted
Date T.Bond Rate Change Real
in raGDP (Chained 2012
% Chg
$) in GDP CPI Change in CP Yen-Dollar
2018.12 0.03% -3.02% 18784.632 0.64% 1.95% -0.32% 109.7000
2018.09 3.05% 0.19% 18664.973 0.83% 2.27% -0.56% 113.4800
2018.06 2.85% 0.11% 18511.576 1.02% 2.85% 0.47% 110.7100
2018.03 2.74% 0.33% 18323.963 0.55% 2.36% 0.24% 106.2000
2017.12 2.40% 0.07% 18223.758 0.57% 2.11% -0.11% 112.6900
2017.09 2.33% 0.02% 18120.843 0.70% 2.23% 0.54% 112.6400
2017.06 2.31% -0.09% 17995.150 0.74% 1.67% -0.72% 112.4000
2017.03 2.40% -0.05% 17863.023 0.44% 2.40% 0.31% 111.4100
2016.12 2.45% 0.83% 17784.185 0.44% 2.08% 0.58% 116.7800
2016.09 1.60% 0.11% 17706.705 0.48% 1.49% 0.44% 101.2100
2016.06 1.49% -0.29% 17622.486 0.57% 1.04% 0.18% 102.7700
2016.03 1.78% -0.48% 17523.374 0.38% 0.86% 0.20% 112.4200
2015.12 2.27% 0.21% 17456.225 0.10% 0.66% 0.65% 120.2700
2015.09 2.06% -0.28% 17438.802 0.24% 0.01% -0.18% 119.8100
2015.06 2.35% 0.40% 17397.029 0.82% 0.19% 0.20% 122.1000
2015.03 1.94% -0.23% 17254.744 0.82% -0.01% -0.66% 119.9600
2014.12 2.17% -0.34% 17113.945 0.47% 0.65% -1.02% 119.8500
2014.9 2.52% -0.01% 17033.572 1.21% 1.68% -0.37% 109.6600
2014.6 2.53% -0.20% 16830.111 1.25% 2.06% 0.44% 101.2800
2014.3 2.73% -0.30% 16621.696 -0.25% 1.61% 0.10% 102.9800
2013.12 3.04% 0.39% 16663.649 0.80% 1.51% 0.41% 103.4600
2013.9 2.64% 0.12% 16531.685 0.78% 1.09% -0.61% 99.2100
2013.6 2.52% 0.63% 16403.180 0.12% 1.72% 0.19% 97.2350
2013.3 1.87% 0.09% 16382.964 0.89% 1.52% -0.24% 94.7700
2012.12 1.78% 0.13% 16239.138 0.11% 1.76% -0.19% 83.7905
2012.9 1.65% -0.02% 16220.667 0.13% 1.95% 0.29% 78.1353
2012.6 1.67% -0.55% 16198.807 0.43% 1.65% -0.91% 79.3152
2012.3 2.23% 0.33% 16129.418 0.78% 2.58% -0.47% 82.4659
2011.12 1.89% -0.03% 16004.107 1.16% 3.06% -0.73% 77.7967
2011.9 1.92% -1.24% 15820.700 -0.03% 3.81% 0.30% 76.7957
2011.6 3.18% -0.28% 15825.096 0.71% 3.50% 0.85% 80.4259
2011.3 3.47% 0.16% 15712.754 -0.24% 2.62% 1.15% 81.6470
2010.12 3.30% 0.75% 15750.625 0.50% 1.44% 0.31% 83.3376
2010.9 2.53% -0.43% 15671.967 0.74% 1.12% 0.00% 84.3571
2010.6 2.97% -0.84% 15557.277 0.92% 1.12% -1.15% 90.8059
2010.3 3.84% -0.01% 15415.145 0.38% 2.29% -0.52% 90.7161
2009.12 3.85% 0.52% 15356.058 1.10% 2.81% 4.08% 89.9509
2009.9 3.31% -0.21% 15189.222 0.36% -1.38% -0.15% 91.2748
2009.6 3.53% 0.79% 15134.117 -0.14% -1.23% -0.79% 96.6145
2009.3 2.71% 0.45% 15155.940 -1.12% -0.45% -0.43% 97.8550
2008.12 2.25% -1.56% 15328.027 -2.16% -0.02% -4.98% 91.2750
2008.9 3.85% -0.13% 15667.032 -0.54% 4.95% 0.02% 106.5748
2008.6 3.99% 0.52% 15752.308 0.52% 4.94% 0.92% 106.9152
2008.3 3.45% -0.57% 15671.383 -0.57% 3.97% -0.13% 100.7562
2007.12 4.04% -0.53% 15761.967 0.61% 4.11% 1.22% 112.4490
2007.9 4.59% -0.42% 15666.738 0.54% 2.83% 0.14% 115.0435
2007.6 5.03% 0.36% 15582.085 0.57% 2.69% -0.10% 122.6886
2007.3 4.65% -0.06% 15493.328 0.24% 2.80% 0.27% 117.2600
2006.12 4.71% 0.07% 15456.928 0.85% 2.52% 0.50% 117.3220
2006.9 4.64% -0.49% 15326.368 0.15% 2.01% -2.13% 117.2145
2006.6 5.15% 0.28% 15302.705 0.23% 4.18% 0.73% 114.6250
2006.3 4.86% 0.45% 15267.026 1.33% 3.42% 0.08% 117.2778
2005.12 4.39% -0.07% 15066.597 0.63% 3.34% -1.36% 118.4624
2005.9 4.34% 0.27% 14972.054 0.89% 4.74% 2.10% 111.2390
2005.6 3.94% -0.15% 14839.782 0.46% 2.54% -0.65% 108.7473
2005.3 4.50% 0.12% 14771.602 1.11% 3.21% -0.13% 105.2543
2004.12 4.24% 0.10% 14609.876 1.00% 3.34% 0.78% 103.8104
2004.9 4.14% -0.46% 14464.984 0.95% 2.54% -0.61% 110.0914
2004.6 4.62% 0.73% 14329.523 0.76% 3.17% 1.38% 109.4336
2004.3 3.86% -0.39% 14221.147 0.53% 1.74% -0.29% 108.5157
2003.12 4.27% 0.30% 14145.645 1.15% 2.04% -0.34% 107.7377
2003.9 3.96% 0.40% 13985.073 1.70% 2.38% 0.42% 114.8000
2003.6 3.54% -0.28% 13751.543 0.86% 1.95% -1.06% 118.3290
2003.3 3.83% 0.00% 13634.253 0.55% 3.03% 0.53% 118.6871
2002.12 3.83% 0.19% 13559.032 0.15% 2.48% 0.94% 121.8929
2002.9 3.63% -1.19% 13538.072 0.44% 1.52% 0.44% 121.0780
2002.6 4.86% -0.53% 13478.152 0.61% 1.07% -0.29% 123.2905
2002.3 5.42% 0.33% 13397.002 0.87% 1.36% -0.24% 131.0610
200112 5.07% 0.45% 13280.859 0.27% 1.60% -0.97% 127.5945
200109 4.60% -0.78% 13244.784 -0.42% 2.59% -0.59% 118.6117
200106 5.42% 0.46% 13299.984 0.58% 3.19% 0.20% 122.3510
200103 4.93% -0.18% 13222.690 -0.29% 2.98% -0.44% 121.5050
200012 5.12% -0.65% 13260.506 0.62% 3.44% -0.02% 112.2090
200009 5.80% -0.22% 13178.419 0.13% 3.46% -0.27% 106.8375
200006 6.03% 0.00% 13160.842 1.83% 3.73% -0.03% 106.1255
200003 6.03% -0.40% 12924.179 0.36% 3.76% 1.05% 106.3074
9912 6.45% 0.52% 12877.593 1.70% 2.68% 0.05% 102.5843
9909 5.90% 0.08% 12662.385 1.31% 2.63% 0.65% 106.8752
9906 5.81% 0.53% 12498.694 0.77% 1.97% 0.23% 120.7245
9903 5.25% 0.57% 12403.293 0.95% 1.73% 0.12% 119.4730
9812 4.65% 0.20% 12287.000 1.62% 1.61% 0.18% 117.0709
9809 4.44% -0.96% 12091.614 1.25% 1.43% -0.19% 134.4805
9806 5.44% -0.22% 11942.032 0.93% 1.62% 0.24% 140.3305
9803 5.67% -0.08% 11832.486 1.00% 1.38% -0.32% 129.0823
9712 5.75% -0.35% 11715.393 0.86% 1.70% -0.51% 129.7341
9709 6.12% -0.37% 11615.636 1.25% 2.22% -0.01% 120.8900
9706 6.51% -0.38% 11472.137 1.66% 2.23% -0.52% 114.2857
9703 6.92% 0.46% 11284.587 0.65% 2.77% -0.60% 122.7738
9612 6.43% -0.27% 11212.205 1.04% 3.38% 0.36% 113.9810
9609 6.72% -0.01% 11096.976 0.90% 3.00% 0.18% 109.9310
9606 6.73% 0.37% 10998.322 1.67% 2.82% -0.02% 108.9600
9603 6.34% 0.71% 10817.896 0.75% 2.84% 0.30% 105.9400
9512 5.58% -0.56% 10737.478 0.68% 2.53% -0.01% 101.8495
9509 6.17% -0.04% 10665.060 0.85% 2.55% -0.49% 100.5455
9506 6.21% -0.93% 10575.100 0.30% 3.04% 0.25% 84.6355
9503 7.20% -0.60% 10543.644 0.35% 2.79% 0.18% 90.5196
9412 7.84% 0.20% 10506.372 1.15% 2.60% -0.36% 100.1824
9409 7.62% 0.26% 10387.382 0.58% 2.97% 0.46% 98.7743
9406 7.34% 0.53% 10327.019 1.36% 2.49% -0.15% 102.5264
9403 6.77% 0.88% 10188.954 0.97% 2.65% -0.16% 105.0974
9312 5.83% 0.41% 10091.049 1.36% 2.81% 0.05% 109.9130
9309 5.40% -0.38% 9955.641 0.48% 2.76% -0.23% 105.5748
9306 5.80% -0.22% 9908.347 0.58% 3.00% -0.02% 107.4118
9303 6.03% -0.63% 9850.973 0.17% 3.02% 0.05% 117.0174
9212 6.70% 0.31% 9834.510 1.04% 2.97% -0.03% 124.0409
9209 6.37% -0.72% 9732.979 0.99% 2.99% -0.02% 122.5967
9206 7.14% -0.37% 9637.732 1.08% 3.01% -0.17% 126.8355
9203 7.54% 0.77% 9534.346 1.20% 3.19% 0.20% 132.8627
9112 6.71% -0.71% 9421.565 0.35% 2.98% -0.40% 128.0395
9109 7.47% -0.72% 9388.845 0.51% 3.40% -1.26% 134.2995
9106 8.24% 0.18% 9341.642 0.78% 4.70% -0.12% 139.7475
9103 8.05% -0.03% 9269.367 -0.47% 4.82% -1.37% 137.3867
9012 8.08% -0.68% 9312.937 -0.91% 6.25% 0.08% 133.8890
9009 8.82% 0.36% 9398.499 0.07% 6.17% 1.41% 138.4405
9006 8.43% -0.20% 9392.251 0.36% 4.67% -0.54% 153.6957
9003 8.65% 0.66% 9358.289 1.09% 5.24% 0.57% 153.3082
8912 7.93% -0.35% 9257.128 0.20% 4.64% 0.20% 143.6850
8909 8.31% 0.19% 9238.923 0.74% 4.44% -0.70% 145.0700
8906 8.10% -1.11% 9170.977 0.76% 5.17% 0.26% 143.9809
8903 9.30% 0.15% 9101.508 1.02% 4.89% 0.46% 130.5504
8812 9.14% 0.25% 9009.913 1.33% 4.41% 0.22% 123.6076
8809 8.87% 0.05% 8891.435 0.59% 4.18% 0.21% 134.3176
8806 8.82% 0.23% 8839.641 1.31% 3.96% 0.13% 127.4655
8803 8.57% -0.24% 8725.006 0.52% 3.83% -0.48% 127.1139
8712 8.83% -0.74% 8680.162 1.72% 4.33% 0.06% 128.2418
8709 9.63% 1.14% 8533.635 0.87% 4.27% 0.50% 143.2910
8706 8.38% 0.80% 8460.233 1.08% 3.75% 0.87% 144.5495
8703 7.51% 0.26% 8369.930 0.75% 2.84% 1.61% 151.4332
8612 7.23% -0.21% 8308.021 0.54% 1.19% -0.56% 162.0523
8609 7.45% 0.09% 8263.639 0.96% 1.76% -0.01% 154.7314
8606 7.35% -0.04% 8185.303 0.45% 1.77% -0.38% 167.5419
8603 7.39% -1.50% 8148.603 0.93% 2.15% -1.60% 178.6938
8512 9.00% -1.20% 8073.239 0.74% 3.79% 0.52% 202.7881
8509 10.31% 0.05% 8013.674 1.53% 3.25% -0.40% 236.5275
8506 10.25% -1.27% 7893.136 0.88% 3.66% -0.12% 248.8400
8503 11.65% 0.09% 7824.247 0.97% 3.79% -0.24% 257.9205
8412 11.55% 7749.151 4.04% 247.9640
Chg vs Yen DM-Dollar Chg vs DMDollar-Euro Change vs Dollar-BP Change
Trade-Weighted
vs BP Dollar Change
(Broad) in We
-3.33% 1.1456 1.43% 128.5202 1.97%
2.50% 1.1622 0.47% 126.0398 2.12%
4.25% 1.1677 5.22% 123.4234 4.54%
-5.76% 1.2320 -2.48% 118.0646 -1.56%
0.04% 1.2022 -1.77% 119.9313 1.72%
0.21% 1.1813 -3.52% 117.9039 -3.37%
0.89% 1.1411 -6.66% 122.0180 -2.42%
-4.60% 1.0698 -1.38% 125.0383 -1.95%
15.38% 1.0552 6.10% 1.2483 5.26% 127.5298 4.95%
-1.52% 1.1238 -1.87% 1.3140 8.04% 121.5131 0.53%
-8.58% 1.1032 3.14% 1.4197 0.37% 120.8707 -0.20%
-6.53% 1.1390 -4.89% 1.4249 5.14% 121.1184 -0.72%
0.38% 1.0859 2.71% 1.4981 2.38% 121.9999 1.65%
-1.88% 1.1162 -0.07% 1.5338 1.55% 120.0140 4.42%
1.78% 1.1154 -3.85% 1.5576 -3.97% 114.9380 -1.01%
0.09% 1.0741 11.24% 1.4958 4.59% 116.1148 5.36%
9.29% 1.2101 4.17% 1.5644 4.13% 110.2102 5.49%
8.27% 1.2628 7.76% 1.6290 3.79% 104.4791 2.17%
-1.65% 1.3690 0.63% 1.6908 -1.68% 102.2573 -0.55%
-0.46% 1.3777 -0.50% 1.6624 -1.45% 102.8238 1.10%
4.28% 1.3708 -2.57% 1.6383 -3.04% 101.7099 0.06%
2.03% 1.3364 -1.27% 1.5885 -2.47% 101.6531 0.22%
2.60% 1.3197 -1.88% 1.5493 -2.67% 101.4302 0.88%
13.10% 1.2953 1.27% 1.5080 7.06% 100.5408 1.60%
7.24% 1.3119 -1.82% 1.6145 -0.12% 98.9607 -0.23%
-1.49% 1.2885 -2.74% 1.6126 -3.53% 99.1842 -2.88%
-3.82% 1.2541 5.05% 1.5556 1.72% 102.1234 3.53%
6.00% 1.3208 -0.40% 1.5824 -1.50% 98.6425 -1.75%
1.30% 1.3155 4.31% 1.5587 1.18% 100.4003 2.53%
-4.51% 1.3747 4.55% 1.5771 2.84% 97.9271 2.86%
-1.50% 1.4403 -2.73% 1.6219 -0.37% 95.1999 -1.72%
-2.03% 1.4020 -6.04% 1.6159 -3.49% 96.8669 -2.85%
-1.21% 1.3221 -0.90% 1.5595 -0.03% 99.7051 -1.67%
-7.10% 1.3103 -7.20% 1.5591 -5.28% 101.3996 -3.27%
0.10% 1.2223 9.93% 1.4768 1.96% 104.8328 2.81%
0.85% 1.3570 6.92% 1.5058 7.76% 101.9633 0.94%
-1.45% 1.4579 -0.03% 1.6226 0.60% 101.0176 -1.49%
-5.53% 1.4575 -4.00% 1.6323 0.28% 102.5432 -2.31%
-1.27% 1.4014 -7.39% 1.6369 -13.43% 104.9626 -6.49%
7.21% 1.3050 3.41% 1.4170 4.83% 112.2438 3.59%
-14.36% 1.3511 5.79% 1.4854 21.00% 108.3554 8.14%
-0.32% 1.4342 7.84% 1.7973 9.41% 100.1949 4.33%
6.11% 1.5562 -0.27% 1.9664 1.78% 96.0363 0.17%
-10.40% 1.5520 -6.60% 2.0015 0.73% 95.8746 -3.60%
-2.26% 1.4559 -4.67% 2.0161 0.11% 99.4530 -2.61%
-6.23% 1.3910 -3.64% 2.0184 -1.57% 102.1135 -2.05%
4.63% 1.3421 -1.32% 1.9867 -1.98% 104.2476 -2.34%
-0.05% 1.3246 -0.31% 1.9474 0.80% 106.7481 0.09%
0.09% 1.3205 -3.80% 1.9629 -4.02% 106.6566 -1.29%
2.26% 1.2722 -0.48% 1.8839 -2.14% 108.0537 -0.68%
-2.26% 1.2661 -5.26% 1.8435 -5.39% 108.7959 -1.57%
-1.00% 1.2028 -1.41% 1.7442 0.09% 110.5359 -1.00%
0.53% 1.1861 3.05% 1.7458 3.47% 111.6511 1.03%
2.61% 1.2234 -0.65% 1.8064 0.63% 110.5133 -1.01%
4.44% 1.2155 7.81% 1.8177 4.76% 111.6389 2.27%
3.73% 1.3185 1.65% 1.9043 1.28% 109.1596 0.17%
-5.71% 1.3406 -9.67% 1.9286 -6.99% 108.9736 -5.00%
0.60% 1.2224 -0.64% 1.7937 1.91% 114.7086 -0.91%
0.85% 1.2146 0.94% 1.8279 -0.10% 115.7666 1.35%
0.72% 1.2261 0.30% 1.8261 -4.08% 114.2224 -0.23%
-6.15% 1.2298 -9.15% 1.7516 -7.77% 114.4802 -3.49%
-2.98% 1.1267 3.49% 1.6155 2.81% 118.6206 1.09%
-0.30% 1.1674 -8.12% 1.6609 -4.72% 117.3416 -4.52%
-2.63% 1.0797 -5.92% 1.5825 0.24% 122.8932 -1.73%
0.67% 1.0194 -3.96% 1.5863 -1.89% 125.0607 -0.80%
-1.79% 0.9806 -2.56% 1.5563 -4.66% 126.0642 0.42%
-5.93% 0.9561 -9.07% 1.4837 -4.09% 125.5364 -2.62%
2.72% 0.8766 1.64% 1.4230 1.29% 128.9149 1.20%
7.57% 2.1946 2.26% 0.8912 2.22% 1.4413 1.56% 127.3909 1.19%
-3.06% 2.146 -6.41% 0.9114 -6.85% 1.4638 -4.22% 125.8961 -1.05%
0.70% 2.2929 6.48% 0.8530 6.09% 1.4020 3.03% 127.2270 1.33%
8.28% 2.1533 -1.10% 0.9083 -1.11% 1.4445 1.27% 125.5514 2.11%
5.03% 2.1773 -3.21% 0.8983 -3.31% 1.4629 -2.00% 122.9532 1.44%
0.67% 2.2494 9.32% 0.8695 8.52% 1.4336 5.27% 121.2054 2.11%
-0.17% 2.0577 1.45% 0.9505 1.43% 1.5092 4.68% 118.7010 1.74%
3.63% 2.0282 4.34% 0.9643 4.62% 1.5799 2.11% 116.6735 1.07%
-4.01% 1.9439 6.19% 1.0110 3.69% 1.6132 0.71% 115.4333 -0.17%
-11.47% 1.8306 -3.11% 1.0497 -1.16% 1.6247 -1.83% 115.6301 -1.40%
1.05% 1.8893 3.96% 1.0377 4.68% 1.5950 1.65% 117.2677 -0.16%
2.05% 1.8173 8.39% 1.0886 1.6213 3.05% 117.4596 2.76%
-12.95% 1.6767 0.50% 1.6708 0.69% 114.3004 -3.30%
-4.17% 1.6683 -7.70% 1.6823 -1.90% 118.2007 0.71%
8.71% 1.8075 -2.18% 1.6504 0.70% 117.3693 2.79%
-0.50% 1.8478 2.73% 1.6619 -0.13% 114.1786 1.73%
7.32% 1.7987 2.14% 1.6597 -3.52% 112.2393 6.22%
5.78% 1.7611 0.93% 1.6013 2.72% 105.6641 3.50%
-6.91% 1.7448 4.01% 1.6449 -2.15% 102.0955 -0.54%
7.71% 1.6776 8.83% 1.6096 3.37% 102.6546 3.77%
3.68% 1.5415 1.15% 1.6639 -6.29% 98.9296 1.16%
0.89% 1.5240 0.00% 1.5593 -1.14% 97.7927 -0.02%
2.85% 1.5240 3.24% 1.5416 -0.94% 97.8128 1.25%
4.02% 1.4762 2.67% 1.5271 0.88% 96.6007 1.08%
1.30% 1.4378 0.72% 1.5405 1.20% 95.5670 1.84%
18.80% 1.4275 3.40% 1.5590 2.30% 93.8448 3.91%
-6.50% 1.3805 0.62% 1.5948 0.34% 90.3097 -2.62%
-9.65% 1.3720 -11.46% 1.6002 -2.59% 92.7380 0.76%
1.43% 1.5495 -0.05% 1.5587 0.47% 92.0418 2.26%
-3.66% 1.5503 -2.38% 1.5661 -2.55% 90.0052 -2.19%
-2.45% 1.5881 -5.14% 1.5262 -2.25% 92.0166 1.13%
-4.38% 1.6742 -3.71% 1.4919 -0.04% 90.9911 3.97%
4.11% 1.7387 6.38% 1.4913 2.25% 87.5180 3.69%
-1.71% 1.6345 -4.33% 1.5248 -1.09% 84.4005 2.03%
-8.21% 1.7085 6.32% 1.5082 -3.08% 82.7197 0.38%
-5.66% 1.6070 -0.88% 1.4617 6.11% 82.4072 1.93%
1.18% 1.6212 14.81% 1.5510 19.05% 80.8499 6.56%
-3.34% 1.4121 -7.34% 1.8465 0.47% 75.8731 -0.49%
-4.54% 1.5240 -7.44% 1.8551 -7.08% 76.2443 -1.41%
3.77% 1.6465 8.32% 1.7238 6.00% 77.3368 4.33%
-4.66% 1.5200 -8.57% 1.8272 -5.51% 74.1260 -1.32%
-3.90% 1.6625 -8.34% 1.7265 -4.45% 75.1196 -1.49%
1.72% 1.8138 6.85% 1.6497 10.41% 76.2585 3.92%
2.61% 1.6975 13.39% 1.8214 5.52% 73.3824 3.80%
-3.29% 1.4970 -4.44% 1.9219 -2.21% 70.6934 0.26%
-9.93% 1.5665 -5.96% 1.8794 -9.00% 70.5077 -3.71%
0.25% 1.6658 -1.33% 1.7103 -5.02% 73.2249 0.37%
6.70% 1.6883 -0.07% 1.6245 -1.72% 72.9546 4.80%
-0.95% 1.6895 -9.77% 1.5965 -1.57% 69.6101 0.26%
0.76% 1.8725 -4.20% 1.5715 -1.18% 69.4326 2.05%
10.29% 1.9545 3.06% 1.5530 10.33% 68.0355 5.79%
5.62% 1.8965 6.94% 1.7134 6.56% 64.3096 4.47%
-7.97% 1.7735 -5.31% 1.8258 -7.77% 61.5591 -2.86%
5.38% 1.8730 3.08% 1.6840 5.51% 63.3727 4.68%
0.28% 1.8170 9.74% 1.7768 3.16% 60.5403 2.11%
-0.88% 1.6558 5.41% 1.8330 -0.23% 59.2901 1.10%
-10.50% 1.5708 -14.76% 1.8288 -10.07% 58.6431 -3.77%
-0.87% 1.8428 0.91% 1.6446 -0.96% 60.9387 0.60%
-4.55% 1.8262 1.34% 1.6288 -2.24% 60.5782 0.17%
-6.55% 1.8020 1.5923 -9.61% 60.4773 -3.12%
4.73% 1.4393 2.12% 62.4267 2.01%
-7.65% 1.4698 2.63% 61.1942 -1.81%
-6.24% 1.5085 -2.72% 62.3251 -0.97%
-11.88% 1.4674 -1.55% 62.9331 -3.24%
-14.26% 1.4447 -5.57% 65.0381 -4.03%
-4.95% 1.3642 -6.11% 67.7718 -0.63%
-3.52% 1.2808 -12.14% 68.2042 -1.49%
4.02% 1.1253 5.40% 69.2367 6.28%
1.1861 65.1475
Oil prices (B Change in oil Gold prices Gold Prices (London 10.30 am fixing)
50.57 -38.87% 1281.650 8.29%
82.72 6.82% 1183.500 -5.36%
77.44 12.20% 1250.550 -5.54%
69.02 3.43% 1323.900 2.11%
66.73 17.03% 1296.500 0.74%
57.02 21.11% 1286.950 3.51%
47.08 -9.81% 1243.250 0.12%
52.20 -5.02% 1241.700 7.13%
54.96 13.93% 1159.100 -12.71%
48.24 0.40% 1327.900 0.83%
48.05 30.75% 1317.000 6.76%
36.75 0.38% 1233.600 16.13%
36.61 -22.58% 1062.250 -5.37%
47.29 -21.59% 1122.500 -4.47%
60.31 12.33% 1175.000 -0.36%
53.69 -2.86% 1179.250 -1.67%
55.27 -41.62% 1199.250 -0.89%
94.67 -14.73% 1210.000 -7.84%
111.03 4.79% 1313.000 1.47%
105.95 -3.64% 1294.000 7.70%
109.95 1.95% 1201.500 -10.05%
107.85 5.23% 1335.750 11.01%
102.49 -5.50% 1203.250 -24.91%
108.46 -2.11% 1602.500 -3.70%
110.80 -0.50% 1664.000 -6.57%
111.36 18.25% 1781.000 13.48%
94.17 -23.69% 1569.500 -5.49%
123.41 14.17% 1660.750 5.48%
108.09 2.53% 1574.500 -3.35%
105.42 -5.63% 1629.000 8.02%
111.71 -4.47% 1508.000 5.38%
116.94 25.43% 1431.000 1.47%
93.23 15.43% 1410.250 7.57%
80.77 7.78% 1311.000 5.68%
74.94 -6.76% 1240.500 11.81%
80.37 3.16% 1109.500 0.50%
77.91 18.37% 1104.000 10.26%
65.82 -3.36% 1001.250 6.40%
68.11 47.65% 941.000 2.45%
46.13 28.78% 918.500 6.18%
35.82 -61.70% 865.000 -3.57%
93.52 -32.43% 897.000 -3.83%
138.40 35.25% 932.750 -0.48%
102.33 9.23% 937.250 12.04%
93.68 15.70% 836.500 13.39%
80.97 12.12% 737.750 13.76%
72.22 5.48% 648.500 -2.26%
68.47 16.13% 663.500 4.37%
58.96 -0.22% 635.700 5.64%
59.09 -19.28% 601.750 0.22%
73.20 10.81% 600.400 2.81%
66.06 13.23% 584.000 13.84%
58.34 -5.45% 513.000 8.37%
61.70 11.45% 473.400 8.38%
55.36 4.02% 436.800 2.18%
53.22 31.80% 427.500 -2.40%
40.38 -15.45% 438.000 6.22%
47.76 43.77% 412.350 4.72%
33.22 2.88% 393.750 -6.91%
32.29 6.57% 423.000 1.38%
30.30 7.87% 417.250 8.52%
28.09 -2.74% 384.500 11.40%
28.88 2.96% 345.150 2.92%
28.05 -6.87% 335.350 -2.16%
30.12 3.47% 342.750 6.31%
29.11 14.92% 322.400 1.05%
25.33 -0.04% 319.050 5.30%
25.34 30.96% 303.000 9.58%
19.35 -11.52% 276.500 -4.93%
21.87 -16.56% 290.850 7.76%
26.21 11.53% 269.900 4.19%
23.50 4.07% 259.050 -4.99%
22.58 -20.55% 272.650 -0.53%
28.42 -10.01% 274.100 -5.20%
31.58 31.69% 289.150 4.80%
23.98 -3.81% 275.900 -5.14%
24.93 8.49% 290.850 -4.25%
22.98 35.42% 303.750 16.29%
16.97 12.98% 261.200 -6.65%
15.02 42.50% 279.800 -2.66%
10.54 -28.35% 287.450 -2.26%
14.71 24.24% 294.100 -0.56%
11.84 -14.64% 295.750 -1.38%
13.87 -12.55% 299.900 3.70%
15.86 -20.54% 289.200 -12.03%
19.96 9.55% 328.750 -1.59%
18.22 -1.67% 334.050 -4.42%
18.53 -22.47% 349.500 -5.43%
23.90 -1.04% 369.550 -2.57%
24.15 25.26% 379.300 -0.52%
19.28 -5.16% 381.300 -3.88%
20.33 9.01% 396.700 2.59%
18.65 12.48% 386.700 0.77%
16.58 0.00% 383.750 -0.99%
16.58 -7.79% 387.600 0.27%
17.98 10.78% 386.550 1.06%
16.23 -2.99% 382.500 -3.25%
16.73 -4.13% 395.350 2.58%
17.45 31.70% 385.400 -1.10%
13.25 0.53% 389.700 -0.24%
13.18 -23.51% 390.650 10.78%
17.23 -1.15% 352.650 -6.95%
17.43 -6.79% 379.000 12.50%
18.70 4.76% 336.900 1.20%
17.85 -11.55% 332.900 -4.61%
20.18 -2.04% 349.000 1.63%
20.60 7.91% 343.400 0.56%
19.09 7.55% 341.500 -3.37%
17.75 -17.17% 353.400 0.83%
21.43 15.96% 350.500 -4.47%
18.48 2.67% 366.900 3.64%
18.00 -36.51% 354.000 -9.46%
28.35 -30.85% 391.000 -3.72%
41.00 160.65% 406.100 15.24%
15.73 -12.37% 352.400 -5.32%
17.95 -14.73% 372.200 -7.18%
21.05 15.47% 401.000 8.67%
18.23 -0.27% 369.000 -0.58%
18.28 -10.61% 371.150 -2.92%
20.45 26.00% 382.300 -6.79%
16.23 36.04% 410.150 3.53%
11.93 -15.87% 396.150 -9.32%
14.18 -9.39% 436.850 -4.62%
15.65 -11.08% 458.000 -5.86%
17.60 -4.76% 486.500 5.96%
18.48 459.150 2.70%
447.100 6.71%
419.000 7.19%
390.900 -7.19%
421.200 21.91%
345.500 0.00%
345.500 5.66%
327.000 0.15%
326.500 3.16%
316.500 -4.03%
329.800 6.73%
309.000
Sector Averages for Duration, Cyclicality, Inflation and
These measures are computed using the quarterly operating income and firm value changes for firms aggregated by SIC.
Quarterly data from 1987-1997 was used for the estimation, and was extracted from Compustat.
To see the values of the macroeconomic variables used, see the quarterly data worksheet.
You have to first look up your firm's SIC, before you can use this table.
While the results are reported with both firm value and operating income, I would use
Firm value numbers: for duration and cyclicality
Operating income numbers: for inflation and currency

Using firm value


SIC Industry Duration Cyclicality
100 Agricultural Production-Crops -5.08 0.22
200 Agricultural Prod-Livestock & Animal Specialties -2.04 0.92
800 Forestry -5.33 1.82
1000 Metal Mining -0.84 0.93
1040 Gold and Silver Ores -2.22 0.64
1090 Miscellaneous Metal Ores -5.23 0.67
1220 Bituminous Coal & Lignite Mining -3.77 0.39
1311 Crude Petroleum & Natural Gas -3.41 0.47
1381 Drilling Oil & Gas Wells -3.71 0.66
1382 Oil & Gas Field Exploration Services -3.14 1.19
1389 Oil & Gas Field Services, NEC -6.58 -0.19
1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels) -2.79 0.89
1531 Operative Builders -8.06 1.55
1540 General Bldg Contractors - Nonresidential Bldgs -3.32 0.52
1600 Heavy Construction Other Than Bldg Const - Contractors -0.60 1.60
1623 Water, Sewer, Pipeline, Comm & Power Line Construction -3.02 0.45
1700 Construction - Special Trade Contractors -5.23 0.61
2000 Food and Kindred Products -9.11 1.14
2011 Meat Packing Plants -2.29 0.77
2013 Sausages & Other Prepared Meat Products -4.14 0.06
2015 Poultry Slaughtering and Processing -7.49 0.08
2020 Dairy Products -5.41 1.49
2024 Ice Cream & Frozen Desserts -5.97 0.56
2030 Canned, Frozen & Preserved Fruit, Veg & Food Specialties -2.40 0.82
2033 Canned, Fruits, Veg, Preserves, Jams & Jellies -1.51 1.32
2040 Grain Mill Products -3.83 0.77
2050 Bakery Products -4.27 0.32
2052 Cookies & Crackers -4.74 1.21
2060 Sugar & Confectionery Products -4.74 0.28
2070 Fats & Oils -3.29 0.45
2080 Beverages -9.47 1.30
2082 Malt Beverages -3.73 0.27
2086 Bottled & Canned Soft Drinks & Carbonated Waters -4.69 2.51
2090 Miscellaneous Food Preparations & Kindred Products -5.01 0.14
2100 Tobacco Products -6.16 -0.67
2111 Cigarettes -11.32 1.38
2200 Textile Mill Products -2.27 0.49
2211 Broadwoven Fabric Mills, Cotton -8.64 1.41
2221 Broadwoven Fabric Mills, Man Made Fiber & Silk -0.01 1.53
2250 Knitting Mills -3.14 0.71
2253 Knit Outerwear Mills -2.70 0.13
2273 Carpets & Rugs -5.56 0.01
2300 Apparel & Other Finished Prods of Fabrics & Similar Matl -3.19 1.16
2320 Men's & Boys' Furnishings, Work Clothing, & Allied Garments -6.00 0.48
2330 Women's, Misses', and Juniors Outerwear -6.51 1.91
2340 Women's, Misses', Children's & Infant's Undergarments -6.02 0.62
2390 Miscellaneous Fabricated Textile Products -5.12 0.86
2400 Lumber & Wood Products (No Furniture) -9.58 1.01
2421 Sawmills & Planing Mills, General -3.41 0.87
2430 Millwood, Veneer, Plywood, & Structural Wood Members -4.79 0.80
2451 Mobile Homes -5.95 0.27
2510 Household Furniture -8.60 0.79
2511 Wood Household Furniture, (No Upholstered) -7.22 0.05
2522 Office Furniture -6.88 0.51
2531 Public Bldg & Related Furniture -0.65 1.61
2540 Partitions, Shelvg, Lockers, & office & Store Fixtures -5.12 0.91
2590 Miscellaneous Furniture & Fixtures -4.55 1.42
2600 Papers & Allied Products -3.87 0.19
2611 Pulp Mills -4.30 1.98
2621 Paper Mills -2.68 0.40
2631 Paperboard Mills -0.20 0.47
2650 Paperboard Containers & Boxes -1.76 1.10
2670 Converted Paper & Paperboard Prods (No Containers/Boxes) -4.72 -0.15
2673 Plastics, Foil & Coated Paper Bags -6.12 1.62
2711 Newspapers: Publishing or Publishing & Printing -3.92 1.10
2721 Periodicals: Publishing or Publishing & Printing -4.61 1.39
2731 Books: Publishing or Publishing & Printing -1.07 0.78
2750 Commercial Printing -6.78 0.23
2761 Manifold Business Forms -2.00 1.16
2771 Greeting Cards -7.26 0.16
2780 Blankbooks, Looseleaf Binders & Bookbinding & Related Work -6.53 0.29
2790 Service Industries For The Printing Trade -0.60 0.18
2800 Chemicals & Allied Products -8.97 1.52
2810 Industrial Inorganic Chemicals -2.82 0.87
2820 Plastic Material, Synth Resin/Rubber, Cellulos (No Glass) -0.73 0.65
2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers -0.98 0.80
2834 Pharmaceutical Preparations -7.92 1.32
2835 In Vitro & In Vivo Diagnostic Substances -2.46 1.07
2836 Biological Products, (No Diagnostic Substances) -6.81 0.12
2840 Soap, Detergents, Cleaning Preparations, Perfumes, Cosmetic -3.18 0.53
2842 Specialty Cleaning, Polishing and Sanitation Preparations -3.98 0.23
2844 Perfumes, Cosmetics & Other Toilet Preparations -5.05 1.01
2851 Paints, Varnishes, Lacquers, Enamels & Allied Prods -3.41 0.81
2860 Industrial Organic Chemicals -3.05 0.23
2870 Agricultural Chemicals -1.87 1.42
2890 Miscellaneous Chemical Products -5.18 0.42
2891 Adhesives & Sealants -5.01 0.12
2911 Petroleum Refining -6.31 0.89
2950 Asphalt Paving & Roofing Materials -0.59 0.49
2990 Miscellaneous Products of Petroleum & Coal -0.47 0.14
3011 Tires & Inner Tubes -5.30 0.92
3021 Rubber & Plastics Footwear -3.29 0.61
3050 Gaskets, Packg & Sealg Devices & Rubber & Plastics Hose -7.79 0.52
3060 Fabricated Rubber Products, NEC -5.05 1.57
3080 Miscellaneous Plastics Products -3.84 0.62
3081 Unsupported Plastics Film & Sheet -3.87 0.16
3089 Plastics Products, NEC -7.88 0.72
3100 Leather & Leather Products -9.22 1.23
3140 Footwear, (No Rubber) -2.59 0.53
3211 Flat Glass -8.70 1.20
3220 Glass & Glassware, Pressed or Blown -1.17 1.05
3221 Glass Containers -8.63 0.00
3231 Glass Products, Made of Purchased Glass -7.79 0.18
3241 Cement, Hydraulic -1.22 1.34
3250 Structural Clay Products -4.84 1.13
3260 Pottery & Related Products -7.11 0.19
3270 Concrete, Gypsum & Plaster Products -2.84 1.09
3290 Abrasive, Asbestos & Misc Nonmetallic Mineral Prods -6.83 0.30
3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills -4.16 0.34
3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) -3.82 1.08
3317 Steel Pipe & Tubes -5.82 0.34
3320 Iron & Steel Foundries -4.28 1.05
3330 Primary Smelting & Refining of Nonferrous Metals -7.13 1.88
3334 Primary Production of Aluminum 1.08 0.66
3341 Secondary Smelting & Refining of Nonferrous Metals -1.52 0.67
3350 Rolling Drawing & Extruding of Nonferrous Metals -3.85 1.37
3357 Drawing & Insulating of Nonferrous Wire -4.01 1.81
3360 Nonferrous Foundries (Castings) -1.48 1.87
3390 Miscellaneous Primary Metal Products -3.91 0.80
3411 Metal Cans -5.19 1.80
3420 Cutlery, Handtools & General Hardware -10.00 0.60
3430 Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures -2.63 0.43
3440 Fabricated Structural Metal Products -3.62 0.75
3442 Metal Doors, Sash, Frames, Moldings & Trim -5.81 -0.10
3443 Fabricated Plate Work (Boiler Shops) -4.21 0.55
3444 Sheet Metal Work -6.96 0.54
3448 Prefabricated Metal Buildings & Components -3.24 1.27
3452 Screw Machine Products -4.18 0.83
3460 Metal Forgings & Stampings -6.50 0.84
3470 Coating, Engraving & Allied Services -7.98 0.88
3480 Ordnance & Accessories, (No Vehicles/Guided Missiles) 0.33 1.06
3490 Miscellaneous Fabricated Metal Products -7.31 -0.17
3510 Engines & Turbines -3.62 0.89
3523 Farm Machinery & Equipment -7.75 1.18
3524 Lawn & Garden Tractors & Home Lawn & Gardens Equip -7.32 -0.47
3530 Construction, Mining & Materials Handling Machinery & Equip -5.21 1.26
3531 Construction Machinery & Equip -0.41 0.64
3532 Mining Machinery & Equip (No Oil & Gas Field Mach & Equip) -1.71 2.63
3533 Oil & Gas Field Machinery & Equipment -4.35 0.92
3537 Industrial Trucks, Tractors, Trailers & Stackers -8.09 1.52
3540 Metalworkg Machinery & Equipment -3.22 1.50
3541 Machine Tools, Metal Cutting Types -6.20 1.28
3550 Special Industry Machinery (No Metalworking Machinery) -5.26 1.62
3555 Printing Trades Machinery & Equipment -0.83 0.76
3559 Special Industry Machinery, NEC -6.26 0.43
3560 General Industrial Machinery & Equipment -5.29 -0.03
3561 Pumps & Pumping Equipment -5.43 0.55
3562 Ball & Roller Bearings -0.75 0.73
3564 Industrial & Commercial Fans & Blowers & Air Purifying Equip -6.78 -0.48
3567 Industrial Process Furnaces & Ovens -2.53 0.98
3569 General Industrial Machinery & Equipment, NEC -4.53 1.80
3570 Computer & office Equipment -3.33 0.00
3571 Electronic Computers -0.91 0.96
3572 Computer Storage Devices -5.30 0.15
3575 Computer Terminals -1.67 1.15
3576 Computer Communications Equipment -2.87 0.70
3577 Computer Peripheral Equipment, NEC -7.55 0.57
3578 Calculating & Accounting Machines (No Electronic Computers -5.50 0.57
3579 Office Machines, NEC -7.09 1.25
3580 Refrigeration & Service Industry Machinery -6.04 1.64
3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equi -5.79 1.15
3590 Misc Industrial & Commercial Machinery & Equipment -4.35 0.91
3600 Electronic & Other Electrical Equipment (No Computer Equip) -3.49 1.09
3612 Power, Distribution & Specialty Transformers -5.40 1.03
3620 Electrical Industrial Apparatus -4.53 0.94
3621 Motors & Generators -1.90 2.11
3630 Household Appliances -10.09 0.81
3634 Electric Housewares & Fans -6.12 0.37
3640 Electric Lighting & Wiring Equipment -3.23 0.59
3651 Household Audio & Video Equipment -5.74 0.67
3652 Phonograph Records & Prerecorded Audio Tapes & Disks -9.67 0.14
3661 Telephone & Telegraph Apparatus -5.06 1.49
3663 Radio & TV Broadcasting & Communications Equipment -3.82 1.37
3669 Communications Equipment, NEC -7.80 -0.52
3670 Electronic Components & Accessories -2.75 1.12
3672 Printed Circuit Boards -5.09 -0.07
3674 Semiconductors & Related Devices -5.01 2.07
3677 Electronic Coils, Transformers & Other Inductors -10.44 0.22
3678 Electronic Connectors -5.06 0.85
3679 Electronic Components, NEC -4.16 1.23
3690 Miscellaneous Electrical Machinery, Equipment & Supplies -4.01 0.40
3711 Motor Vehicles & Passenger Car Bodies -3.56 1.61
3713 Truck & Bus Bodies -3.25 0.34
3714 Motor Vehicle Parts & Accessories -4.68 1.80
3715 Truck Trailers -4.45 1.01
3716 Motor Homes -2.24 1.03
3720 Aircraft & Parts -4.05 0.15
3721 Aircraft -5.71 0.62
3724 Aircraft Engines & Engine Parts -4.80 0.06
3728 Aircraft Parts & Auxiliary Equipment, NEC -6.27 0.49
3730 Ship & Boat Building & Repairing -3.46 1.34
3743 Railroad Equipment -5.68 1.12
3751 Motorcycles, Bicycles & Parts -1.57 1.37
3760 Guided Missiles & Space Vehicles & Parts -6.94 0.52
3790 Miscellaneous Transportation Equipment -7.14 0.53
3812 Search, Detection, Navigation, Guidance, Aeronautical Sys -3.73 0.08
3822 Auto Controls For Regulating Residential & Comml Environme -4.03 0.20
3823 Industrial Instruments For Measurement, Display, and Control -2.19 2.09
3824 Totalizing Fluid Meters & Counting Devices -3.40 1.10
3825 Instruments For Meas & Testing of Electricity & Elec Signals -4.23 0.70
3826 Laboratory Analytical Instruments -3.56 1.18
3827 Optical Instruments & Lenses -7.72 -0.17
3829 Measuring & Controlling Devices, NEC -5.67 0.62
3841 Surgical & Medical Instruments & Apparatus -5.53 0.57
3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies -5.00 0.99
3843 Dental Equipment & Supplies -9.36 0.11
3844 X-Ray Apparatus & Tubes & Related Irradiation Apparatus -8.01 -0.37
3845 Electromedical & Electrotherapeutic Apparatus -6.06 0.74
3851 Ophthalmic Goods -3.92 1.03
3861 Photographic Equipment & Supplies -3.53 0.15
3873 Watches, Clocks, Clockwork Operated Devices/Parts -3.76 -0.17
3910 Jewelry, Silverware & Plated Ware -2.29 1.47
3911 Jewelry, Precious Metal 2.45 1.64
3931 Musical Instruments -4.05 -0.14
3942 Dolls & Stuffed Toys -4.88 0.13
3944 Games, Toys & Children's Vehicles (No Dolls & Bicycles) -6.51 0.69
3949 Sporting & Athletic Goods, NEC -5.97 1.16
3950 Pens, Pencils & Other Artists' Materials -4.58 0.39
3960 Costume Jewelry & Novelties -4.48 0.67
3990 Miscellaneous Manufacturing Industries -7.63 1.46
4011 Railroads, Line-Haul Operating -5.76 0.24
4100 Local & Suburban Transit & Interurban Hwy Passenger Trans -2.40 0.84
4213 Trucking (No Local) -2.79 0.76
4220 Public Warehousing & Storage -7.45 0.24
4400 Water Transportation -4.53 0.82
4412 Deep Sea Foreign Transportation of Freight -7.62 0.47
4512 Air Transportation, Scheduled -3.43 1.42
4513 Air Courier Services -3.60 0.04
4522 Air Transportation, Nonscheduled -1.80 1.82
4581 Airports, Flying Fields & Airport Terminal Services -1.96 0.62
4610 Pipe Lines (No Natural Gas) -1.57 0.63
4700 Transportation Services -4.73 0.69
4731 Arrangement of Transportation of Freight & Cargo -8.09 1.25
4812 Radiotelephone Communications -9.55 0.98
4813 Telephone Communications (No Radiotelephone) -7.12 1.55
4832 Radio Broadcasting Stations -4.50 0.70
4833 Television Broadcasting Stations -6.59 1.76
4841 Cable & Other Pay Television Services -6.89 0.13
4899 Communications Services, NEC -4.87 0.64
4911 Electric Services -8.15 0.53
4922 Natural Gas Transmission -1.87 1.33
4923 Natural Gas Transmission & Distribution -5.14 -0.31
4924 Natural Gas Distribution -9.29 1.00
4931 Electric & Other Services Combined -7.45 0.10
4932 Gas & Other Services Combined -5.69 0.25
4941 Water Supply -5.69 -0.04
4953 Refuse Systems -3.62 0.72
4955 Hazardous Waste Management -3.73 0.13
4961 Steam & Air-Conditioning Supply -2.61 0.23
4991 Co-generation Services & Small Power Producers -2.89 1.16
5000 Wholesale-Durable Goods -1.90 1.52
5013 Wholesale-Motor Vehicle Supplies & New Parts -2.31 0.43
5031 Wholesale-Lumber, Plywood, millwork & Wood Panels -3.74 0.26
5040 Wholesale-Professional & Commercial Equipment & Supplies -3.44 1.38
5045 Wholesale-Computers & Peripheral Equipment & Software -4.05 1.45
5047 Wholesale-Medical, Dental & Hospital Equipment & Supplies -6.23 -0.11
5051 Wholesale-Metals Service Centers & Offices -6.01 1.25
5063 Wholesale-Electrical Apparatus & Equipment, Wiring Supplies -3.97 0.37
5065 Wholesale-Electronic Parts & Equipment, NEC -4.29 0.12
5070 Wholesale-Hardware & Plumbing & Heating Equipment & Supp -3.64 1.37
5080 Wholesale-Machinery, Equipment & Supplies -2.91 0.77
5084 Wholesale-Industrial Machinery & Equipment -3.22 1.41
5090 Wholesale-Misc Durable Goods -2.51 0.71
5094 Wholesale-Jewelry, Watches, Precious Stones & Metals -5.39 -0.13
5099 Wholesale-Durable Goods, NEC -3.22 0.70
5110 Wholesale-Paper & Paper Products -5.58 0.50
5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries -5.50 1.77
5140 Wholesale-Groceries & Related Products -7.21 0.32
5141 Wholesale-Groceries, General Line (merchandise) -3.82 1.12
5150 Wholesale-Farm Product Raw Materials -8.17 0.10
5160 Wholesale-Chemicals & Allied Products 0.72 0.79
5171 Wholesale-Petroleum Bulk Stations & Terminals -3.47 0.80
5172 Wholesale-Petroleum & Petroleum Products (No Bulk Stations) -4.25 0.79
5190 Wholesale-Miscellaneous Non-durable Goods -2.16 1.06
5200 Retail-Building Materials, Hardware, Garden Supply -4.83 0.80
5211 Retail-Lumber & Other Building Materials Dealers -6.56 0.73
5271 Retail-Mobile Home Dealers -4.61 0.29
5311 Retail-Department Stores -3.01 0.30
5331 Retail-Variety Stores -5.04 1.28
5399 Retail-Misc General Merchandise Stores -4.61 1.21
5411 Retail-Grocery Stores -3.76 0.10
5412 Retail-Convenience Stores -3.06 1.73
5500 Retail-Auto Dealers & Gasoline Stations -5.50 0.34
5531 Retail-Auto & Home Supply Stores -7.21 0.60
5600 Retail-Apparel & Accessory Stores -6.27 1.41
5621 Retail-Women's Clothing Stores -6.59 0.72
5651 Retail-Family Clothing Stores -8.16 1.00
5661 Retail-Shoe Stores -5.50 0.63
5700 Retail-Home Furniture, Furnishings & Equipment Stores -6.72 1.20
5712 Retail-Furniture Stores -6.78 0.75
5731 Retail-Radio, TV & Consumer Electronics Stores -3.78 0.76
5734 Retail-Computer & Computer Software Stores -7.04 0.11
5735 Retail-Record & Prerecorded Tape Stores -4.36 1.01
5810 Retail-Eating & Drinking Places -10.37 0.68
5812 Retail-Eating Places -4.74 0.52
5900 Retail-Miscellaneous Retail -5.82 0.96
5912 Retail-Drug Stores and Proprietary Stores -2.28 0.46
5940 Retail-Miscellaneous Shopping Goods Stores -4.05 0.58
5944 Retail-Jewelry Stores -5.20 0.43
5945 Retail-Hobby, Toy & Game Shops -5.16 -0.02
5960 Retail-Nonstore Retailers -1.61 1.07
5961 Retail-Catalog & Mail-Order Houses -5.77 1.53
5990 Retail-Retail Stores, NEC -2.26 1.55
6021 National Commercial Banks -4.41 0.69
6022 State Commercial Banks -5.52 0.27
6029 Commercial Banks, NEC -9.94 1.92
6035 Savings Institution, Federally Chartered -3.20 1.30
6036 Savings Institutions, Not Federally Chartered -1.96 2.07
6099 Functions Related To Depository Banking, NEC -4.71 -0.19
6111 Federal & Federally Sponsored Credit Agencies -5.93 0.43
6141 Personal Credit Institutions -2.77 1.66
6153 Short-Term Business Credit Institutions -5.25 0.55
6159 Miscellaneous Business Credit Institution -4.61 0.62
6162 Mortgage Bankers & Loan Correspondents -3.14 1.31
6172 Finance Lessors -4.48 0.86
6199 Finance Services -3.20 -0.29
6200 Security & Commodity Brokers, Dealers, Exchanges & Service -4.60 1.10
6211 Security Brokers, Dealers & Flotation Companies -10.16 0.73
6282 Investment Advice -5.31 0.89
6311 Life Insurance -8.89 1.29
6321 Accident & Health Insurance -9.31 -0.05
6324 Hospital & Medical Service Plans -7.82 -0.48
6331 Fire, Marine & Casualty Insurance -7.72 0.67
6351 Surety Insurance -3.28 0.73
6361 Title Insurance -8.38 0.80
6399 Insurance Carriers, NEC -5.57 1.98
6411 Insurance Agents, Brokers & Service -5.47 -0.15
6500 Real Estate -4.61 0.29
6510 Real Estate Operators (No Developers) & Lessors -0.26 2.25
6512 Operators of Nonresidential Buildings -3.34 0.78
6513 Operators of Apartment Buildings -4.31 1.19
6519 Lessors of Real Property, NEC -5.04 0.96
6531 Real Estate Agents & Managers (For Others) -4.25 1.26
6532 Real Estate Dealers (For Their Own Account) -3.77 0.83
6552 Land Subdividers & Developers (No Cemeteries) -4.16 0.53
6792 Oil Royalty Traders -4.82 0.02
6794 Patent Owners & Lessors -1.78 2.59
6795 Mineral Royalty Traders -5.65 0.67
6798 Real Estate Investment Trusts -3.46 0.89
6799 Investors, NEC -6.56 1.47
7011 Hotels & Motels -5.87 0.72
7200 Services-Personal Services -5.56 0.64
7310 Services-Advertising -6.97 0.88
7311 Services-Advertising Agencies -10.35 0.50
7320 Services-Consumer Credit Reporting, Collection Agencies -4.51 0.91
7331 Services-Direct Mail Advertising Services -1.70 2.07
7340 Services-To Dwellings & Other Buildings -4.12 0.39
7350 Services-Miscellaneous Equipment Rental & Leasing -8.46 1.09
7359 Services-Equipment Rental & Leasing, NEC -8.50 1.38
7361 Services-Employment Agencies -10.12 -0.80
7363 Services-Help Supply Services -8.54 0.22
7370 Services-Computer Programming, Data Processing, Etc. -3.50 0.55
7371 Services-Computer Programming Services -0.86 1.97
7372 Services-Prepackaged Software -2.91 0.37
7373 Services-Computer Integrated Systems Design -3.34 1.42
7374 Services-Computer Processing & Data Preparation -4.46 -0.09
7377 Services-Computer Rental & Leasing -4.99 0.66
7380 Services-Miscellaneous Business Services -2.40 0.49
7381 Services-Detective, Guard & Armored Car Services -8.82 -0.22
7385 Services-Telephone Interconnect Systems -1.05 0.88
7389 Services-Business Services, NEC -7.60 1.02
7500 Services-Automotive Repair, Services & Parking -1.88 0.78
7510 Services-Auto Rental & Leasing (No Drivers) -6.57 0.79
7600 Services-Miscellaneous Repair Services -4.56 0.06
7812 Services-Motion Picture & Video Tape Production -3.70 0.56
7819 Services-Allied To Motion Picture Production -5.11 0.46
7822 Services-Motion Picture & Video Tape Distribution -3.34 1.39
7830 Services-Motion Picture Theaters -7.24 0.57
7841 Services-Video Tape Rental -7.40 -0.45
7900 Services-Amusement & Recreation Services -3.83 0.29
7948 Services-Racing, Including Track Operation -6.47 0.22
7990 Services-Miscellaneous Amusement & Recreation -4.97 1.36
7997 Services-Membership Sports & Recreation Clubs -4.78 0.90
8000 Services-Health Services -5.61 1.09
8011 Services-Offices & Clinics of Doctors of Medicine -4.44 0.85
8051 Services-Skilled Nursing Care Facilities -2.77 0.03
8060 Services-Hospitals -6.75 0.29
8062 Services-General Medical & Surgical Hospitals, NEC -6.11 -0.59
8071 Services-Medical Laboratories -5.29 0.84
8082 Services-Home Health Care Services -5.76 1.70
8090 Services-Misc Health & Allied Services, NEC -2.59 1.36
8093 Services-Specialty Outpatient Facilities, NEC -4.65 0.33
8200 Services-Educational Services -8.41 0.58
8300 Services-Social Services -1.11 1.14
8700 Services-Engineering, Accounting, Research, Management -5.26 1.57
8711 Services-Engineering Services -4.00 1.39
8731 Services-Commercial Physical & Biological Research -7.58 0.84
8734 Services-Testing Laboratories -4.58 0.37
8741 Services-Management Services -4.41 1.58
8742 Services-Management Consulting Services -5.81 0.02
8744 Services-Facilities Support Management Services -5.30 0.54
9995 Non-Operating Establishments -3.43 1.37
Market -6.22 0.94
tion, Cyclicality, Inflation and Currency
ges for firms aggregated by SIC.

Using firm value Using operating income


Inflation Currency Duration Cyclicality Inflation Currency
-3.65 -2.69 -8.29 -0.30 -0.45 -6.36
0.33 -0.08 -11.59 3.20 1.67 1.49
0.69 1.28 -6.58 2.94 3.16 3.29
-1.53 0.12 -3.65 2.65 3.36 2.94
4.26 -0.05 2.69 2.61 -2.12 3.65
-0.52 -1.43 -6.81 0.10 1.18 -4.31
-0.35 -1.91 -3.47 1.30 0.95 -0.57
1.58 -0.89 -6.61 1.77 3.61 0.68
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0.73 2.76 -4.50 0.21 2.91 -2.88
-0.30 -1.24 -4.16 0.89 2.58 -1.09
-2.78 0.41 -8.78 1.97 -0.57 -0.28
0.03 -2.76 -8.60 0.31 0.91 -3.23
3.16 -1.18 -7.25 1.10 4.06 -0.92
-2.93 -1.33 -3.04 1.16 -1.00 -0.30
-1.84 -4.74 -9.37 0.76 1.23 -3.26
0.56 -0.21 -7.10 1.57 7.56 -0.14
0.13 -1.31 -13.70 3.33 2.09 1.48
0.44 -0.21 -1.29 0.50 0.91 -1.07
-0.83 -1.65 -10.28 0.60 3.64 -3.10
-0.41 -3.02 -2.53 1.58 4.91 0.42
1.41 -1.23 -4.13 -0.33 2.33 -4.08
1.31 -1.87 -0.36 -0.03 4.84 -2.79
1.26 0.94 -7.66 1.19 2.30 -1.86
0.81 -2.09 -12.06 1.25 7.64 -1.93
-1.14 -4.96 -7.15 1.10 4.59 -1.60
-0.25 -2.12 -9.99 1.57 -0.53 -2.27
-1.45 -3.21 -15.62 1.87 0.72 -2.54
-2.75 0.24 1.46 0.82 -0.59 -0.81
-0.37 -0.87 -2.79 1.54 2.71 1.07
-7.87 -1.67 6.81 3.73 0.01 7.23
-1.00 -1.00 -3.31 1.09 5.05 -0.32
-3.98 -2.56 -4.04 -0.33 -2.37 -4.37
-1.44 -3.13 -4.37 -0.47 1.70 -4.84
1.35 -4.40 -5.06 0.03 5.31 -2.87
-1.13 -1.16 -7.51 -0.07 1.36 -4.80
-2.32 0.35 -4.60 2.38 -8.78 0.31
2.41 0.83 -2.30 5.47 6.88 10.56
-4.44 -2.77 -1.05 0.11 4.35 -1.69
-4.52 -3.07 -7.92 1.09 2.20 -2.28
-3.75 -0.18 1.56 0.93 -7.34 -2.06
0.31 0.64 -11.75 0.95 -1.79 -3.68
0.23 0.80 -6.30 2.01 3.16 0.81
-0.74 -1.89 -10.36 2.51 0.29 0.55
-4.21 -2.42 -6.35 0.42 -2.16 -2.80
-3.28 0.55 -6.31 3.07 0.09 3.33
-5.52 -4.10 -7.05 2.25 -8.27 -0.28
-2.72 -2.34 -2.89 2.14 -2.37 1.05
-0.75 0.22 -8.86 3.64 1.61 3.59
-1.08 -2.03 -9.38 1.96 1.27 -2.03

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