Business Services Q3 Earnings On Nov 7: NLSN, ENV & More
Zacks Investment Research | Nov 05, 2019 09:55PM ET
This earnings season, the picture has been encouraging for the Business Services space with key players like Equifax (NYSE:EFX) , Xerox (NYSE:XRX) , Omnicom, Waste Management (NYSE:WM) and IHS Markit delivering an earnings beat.
The business services sector was on a strong footing driven by economic strength and stability that kept service activities in good shape in the third quarter. The sector was buoyed by a strong labor market, low unemployment and inflation.
Notably, U.S. GDP grew at an annualized rate of 1.9% in third-quarter 2019 per the “advance” estimate released by the Bureau of Economic Analysis. This is above the consensus estimate of 1.6%. GDP increased 2% in the second quarter of 2019. October was the 117th month of consecutive growth in non-manufacturing activities with ISM-measured Non-Manufacturing Index touching 54.7%.
Since business services firms have lower foreign exposure compared with goods companies and incur lower foreign input costs, the industry was less affected by trade war in the third quarter.
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