GURU.Markets stock price, segment price, and overall market index valuation
The company's share price Amentum Holdings Inc.
Amentum, a major government engineering and IT contractor, is valued privately based on the size of its long-term contract portfolio with the US government. Its potential share price will reflect the stability of defense spending and demand for modernization services.
Share prices of companies in the market segment - Military services
Amentum is a major government contractor providing engineering and technical services to the US government. We classify it as part of the Military Services sector. The chart below reflects the dynamics of this segment, which are dependent on government spending.
Broad Market Index - GURU.Markets
Amentum is a leading provider of engineering and technical services to government agencies, primarily the U.S. Department of Defense and the Department of Energy. As a major government contractor, the company is included in our GURU.Markets index. The chart below shows the overall market trend. Compare it with Amentum's performance to assess the state of the defense sector.
Change in the price of a company, segment, and market as a whole per day
AMTM - Daily change in the company's share price Amentum Holdings Inc.
Change_Co for Amentum Holdings (AMTM), a major provider of military and government services, reflects sensitivity to government budgets, contracts, and geopolitical conditions. AMTM's volatility is a measure of its dependence on government funding. This metric is important for formulaic modeling of the dynamics of the defense services sector.
Daily change in the price of a set of shares in a market segment - Military services
The government services sector, in which Amentum Holdings, Inc. is a major player, is dependent on budgets. This chart shows the average daily volatility of the industry. It serves as a benchmark for assessing how sensitive Amentum's government facilities services business is to political cycles.
Daily change in the price of a broad market stock, index - GURU.Markets
Amentum is a privately held company and one of the largest contractors providing engineering and technical services to the US government. Although it is not publicly traded, its performance reflects the state of the defense sector, which contributes to overall market dynamics, as shown in the chart below.
Dynamics of market capitalization of the company, segment and the market as a whole over 12 months
Annual dynamics of the company's market capitalization Amentum Holdings Inc.
Amentum is a leading government contractor providing technology solutions for the defense, intelligence, and civilian sectors. Its year-over-year performance reflects robust government demand and the successful completion of major contracts.
Annual dynamics of market capitalization of the market segment - Military services
Amentum, one of the largest private contractors to the US government, specializes in engineering and technology services. Its growth is likely more stable than that of the commercial sector, thanks to long-term government contracts in the defense and intelligence sectors.
Annual dynamics of market capitalization of broad market stocks, index - GURU.Markets
Amentum, one of the largest service providers to the US government, is a classic defense company. Its revenue is determined by long-term government contracts, not the state of the economy. Share price performance after the IPO will reflect the stability and predictability of a business based on government contracts.
Dynamics of market capitalization of the company, segment and the market as a whole for the month
Monthly dynamics of the company's market capitalization Amentum Holdings Inc.
Amentum, a major government contractor, is dependent on government budgets for its value. Monthly fluctuations on the chart reflect news of long-term contracts with the Department of Defense and other US agencies, ensuring predictability of its revenue.
Monthly dynamics of market capitalization of the market segment - Military services
This chart reflects the dynamics of the government services sector. For Amentum, one of the largest US government contractors, it provides context. Its steady growth demonstrates the continued demand for its services from the Department of Defense and other agencies.
Monthly dynamics of market capitalization of broad market stocks, index - GURU.Markets
Amentum Holdings, Inc. is a leading provider of engineering and technology services to the U.S. and international governments. Its business is based on long-term government contracts, making it predictable. A broad market chart allows one to assess how the stability of defense and government spending has made Amentum shares a safe haven during periods of market uncertainty.
Dynamics of market capitalization of the company, segment and the market as a whole for the week
Weekly dynamics of the company's market capitalization Amentum Holdings Inc.
Amentum Holdings, a major US government contractor, has demonstrated weekly performance closely tied to government spending. News of new contracts in the defense, energy, and intelligence sectors directly impacts the stock. The chart illustrates the company's response to shifts in political priorities.
Weekly dynamics of market capitalization of the market segment - Military services
Amentum Holdings, like other government contractors, is highly dependent on overall trends in government spending. Weekly fluctuations in the sector often reflect news of budget approvals or the launch of major government programs. The chart illustrates this sectoral relationship.
Weekly dynamics of market capitalization of stocks of the broad market, index - GURU.Markets
Amentum Holdings, providing services to the US government, particularly in the defense sector, should be less dependent on economic cycles. The chart will show whether its shares are a safe haven. To what extent do long-term government contracts insulate it from short-term market volatility?
Market capitalization of the company, segment and market as a whole
AMTM - Market capitalization of the company Amentum Holdings Inc.
Amentum's market capitalization reflects the volume of US government and military contracts. The chart shows how investors assess the company's ability to win major contracts for maintenance, engineering, and technical support for critical government facilities.
AMTM - Share of the company's market capitalization Amentum Holdings Inc. within the market segment - Military services
Amentum Holdings is a major provider of engineering and technical services, primarily to the US government. Its significant share of the sector's market capitalization reflects the scale of its long-term contracts with the Department of Defense and other agencies. The chart shows how the stability of government contracts shapes the company's weight in the military services market.
Market capitalization of the market segment - Military services
Amentum is a major provider of engineering and technical services to the US government and other countries. What is the size of the entire defense services industry? The chart below shows the total market capitalization of this sector. Its dynamics reflect government budgets and the global need for technological support and security.
Market capitalization of all companies included in a broad market index - GURU.Markets
The Amentum chart shows the market valuation of one of the largest US government contractors. The company's market capitalization, which provides engineering, technical, and logistics services to the Pentagon and other agencies, is directly dependent on government contracts. This is a visual representation of the stability provided by budgetary allocations.
Book value capitalization of the company, segment and market as a whole
AMTM - Book value capitalization of the company Amentum Holdings Inc.
Amentum, as a service provider to the government and military, has a book value that reflects its tangible assets: specialized equipment, IT infrastructure, training grounds, and technical centers. The chart below shows how the valuation of this physical foundation, which supports the execution of complex government contracts, has changed.
AMTM - Share of the company's book capitalization Amentum Holdings Inc. within the market segment - Military services
Amentum Holdings provides services but relies on significant physical assets: from technical bases and testing grounds to research laboratories supporting government and defense contracts. The chart shows the proportion of this specialized physical infrastructure the company controls to support its critical missions.
Market segment balance sheet capitalization - Military services
Amentum provides engineering and technical services without owning any manufacturing facilities. Its business is not capital-intensive, relying on contracts and qualified personnel. The graph below illustrates the scale of the defense sector, clearly demonstrating the company's asset-light model.
Book value of all companies included in the broad market index - GURU.Markets
Amentum Holdings provides engineering and technical services, primarily to the US government. Its balance sheet reflects the capital and resources to complete complex projects. The company's stake in BCap_All reflects its scale as a key contractor supporting national security and infrastructure.
The ratio of market capitalization to book capitalization of a company, segment, and the market as a whole
Market capitalization to book capitalization ratio - Amentum Holdings Inc.
Amentum, as a service company, has relatively few physical assets. Its value lies in its government contracts and the expertise of its engineers. The market valuation to book value ratio reflects the premium the market is willing to pay for long-term relationships with key customers and human capital.
Market to book capitalization ratio in a market segment - Military services
Amentum Holdings provides engineering and technical services, primarily to the US government. It's a contract- and employee-based business, not an asset-heavy one. This metric reflects how the market values ββthe company's portfolio of long-term government contracts and expertise.
Market to book capitalization ratio for the market as a whole
Amentum Holdings provides engineering and technical services, primarily to the US government, including the Departments of Defense and Energy. Compared to market averages, as demonstrated by this chart, its valuation reflects the stability and predictability of revenues provided by long-term government contracts.
Debts of the company, segment and market as a whole
AMTM - Company debts Amentum Holdings Inc.
Amentum Holdings, Inc., a major provider of services to the US government, including in the defense sector, manages its debt in the context of government contracts. The company's financial obligations may be related to working capital financing for major projects or strategic acquisitions to expand the range of services provided.
Market segment debts - Military services
Amentum is a major contractor providing engineering and technical services to the US government, primarily in the defense and nuclear sectors. Its business model is based on long-term contracts. Its debt load may be associated with major acquisitions to expand its capabilities. This chart reflects the company's consolidation strategy in the government services market.
Market debt in general
Debt to book value of the company, segment and market as a whole
The company's debt to book capitalization ratio Amentum Holdings Inc.
Amentum Holdings provides engineering and technical services, primarily to the US government. The business is based on long-term contracts but can require significant working capital. This chart shows how the company manages its financial structure, using debt to complete large projects and support operations.
Market segment debt to market segment book capitalization - Military services
Amentum Holdings provides engineering and technical services, primarily to the US government. This chart reflects the debt burden in the military and government services sector. It helps understand how companies in this industry manage capital when fulfilling large, long-term contracts and how Amentum's financial model compares to its competitors.
Debt to book value of all companies in the market
Amentum Holdings, a government service provider, relies on government contracts. This chart shows the overall debt level in the market, reflecting the state of the economy, which impacts the state budget. Although Amentum's business is less cyclical, the overall economic situation is an important backdrop for long-term planning.
P/E of the company, segment and market as a whole
P/E - Amentum Holdings Inc.
Amentum Holdings, Inc. provides engineering and technical services, primarily to the US government and other government agencies. This chart reflects the market valuation of the company, which operates under long-term contracts. The stability and predictability of government contracts make its profits relatively stable, which is valued by investors.
P/E of the market segment - Military services
The government services sector, where Amentum operates, is valued for contract stability. This chart shows the average profitability rating for companies working with the government. It helps understand how the market values ββAmentum compared to other large defense and service contractors, and whether its specialization is valued.
P/E of the market as a whole
Amentum Holdings is a major provider of engineering and technical services to the US government and its allies. The company's core business is long-term contracts in the defense, intelligence, and energy sectors. Its valuation is largely independent of general market cycles, as reflected in this chart, but is determined by government spending levels and the geopolitical situation.
Future P/E of the company, segment and market as a whole
Future (projected) P/E of the company Amentum Holdings Inc.
Amentum Holdings is a major government contractor providing engineering, IT, and mission support services to the US government and its allies. The company's future revenues are largely dependent on government defense and security spending. This chart reflects analysts' forecasts for Amentum's defense budget and new contracts.
Future (projected) P/E of the market segment - Military services
Amentum Holdings provides engineering and technical services primarily to the US government, including the Departments of Defense and Energy. This chart shows how its profitability expectations compare to the defense services sector. It reflects how the market perceives the stability of its business, based on long-term government contracts, and its role in national security.
Future (projected) P/E of the market as a whole
Amentum Holdings provides engineering and technical services primarily to the US government. This chart reflects private sector expectations. Amentum's business, however, is primarily dependent on government budgets, particularly defense budgets. This makes its revenue more predictable and less susceptible to general market fluctuations.
Profit of the company, segment and market as a whole
Company profit Amentum Holdings Inc.
Amentum is a leading provider of engineering and technical services to the US government and allied countries. The financial picture presented in this chart is directly dependent on government contracts in defense, cybersecurity, and critical infrastructure maintenance. Revenue stability is determined by the long-term nature of government contracts.
Profit of companies in the market segment - Military services
Amentum Holdings provides a wide range of engineering and technical services, primarily to the US and international governments. The company maintains critical infrastructure and defense facilities. This chart shows the overall profitability of the government and military services sector, which is dependent on government contract volumes and budgets.
Overall market profit
Amentum is a major contractor providing engineering and technical services to the US government and other countries. The company's primary source of revenue is long-term government contracts, particularly in the defense sector. This ensures revenue stability and predictability, making Amentum's business virtually immune to short-term economic cycles.
Future (predicted) profit of the company, segment and market as a whole
Future (projected) profit of the company Amentum Holdings Inc.
Amentum is a major contractor providing engineering, scientific, and technical services to the US government and other countries. Its revenue is based on long-term contracts. The future profit forecast you see reflects analysts' expectations for new government contracts and renewals of existing agreements.
Future (predicted) profit of companies in the market segment - Military services
Amentum Holdings is a major US government contractor, providing engineering, maintenance, and logistics services, including in the defense sector. This chart reflects forecasts for the aerospace and defense industries. Amentum's profitability is directly dependent on government contracts and the defense budget, providing a high degree of predictability.
Future (predicted) profit of the market as a whole
Amentum is a major government contractor providing engineering and technical services, primarily to the US government. Its revenues are heavily dependent on government budgets, particularly defense budgets. However, the overall corporate profit projections shown in this chart may influence policy decisions about how to allocate budget funds across economic sectors.
P/S of the company, segment and market as a whole
P/S - Amentum Holdings Inc.
Amentum Holdings is a major provider of engineering and technical services to the US and international governments. Its revenue, shown in this chart, reflects the stability and volume of government contracts. This metric demonstrates investor confidence in the company's ability to win long-term defense contracts.
P/S market segment - Military services
Amentum Holdings provides engineering and technical services to government and commercial clients, primarily in the defense sector. Long-term contracts ensure revenue stability. This chart reflects the market valuation of companies in the government services sector, allowing you to compare Amentum's valuation with that of competitors operating in the same market.
P/S of the market as a whole
Amentum Holdings provides engineering and technical services primarily to the US government, including the Departments of Defense and Energy. It is a business based on long-term contracts. This indicator allows us to assess the premium or discount the market offers for stable, but government-dependent, revenue compared to the commercial sector.
Future P/S of the company, segment and market as a whole
Future (projected) P/S of the company Amentum Holdings Inc.
Amentum Holdings is a major government contractor providing engineering and technical services, primarily to the US government. This chart reflects investor expectations for future revenue, which are directly dependent on government spending, the defense budget, and the company's ability to win large, long-term contracts.
Future (projected) P/S of the market segment - Military services
Amentum Holdings is a leading contractor providing engineering and technical services to the US government and allied nations. This chart compares the company's future revenue expectations with its industry. It reflects the market's assessment of the stability of government contracts and Amentum's ability to win new projects.
Future (projected) P/S of the market as a whole
Amentum Holdings is a leading provider of engineering and technical services to the US government and allied countries. When looking at this general forecast chart, it's important to consider the stability of government contracts. Amentum's business is less dependent on economic cycles, and its revenue is supported by long-term defense and nuclear programs.
Sales of the company, segment and market as a whole
Company sales Amentum Holdings Inc.
Amentum is a major contractor providing engineering and technical services primarily to the US government and its allies. Revenue, shown in this chart, is generated through long-term contracts in areas such as military mission support, IT modernization, and facilities management.
Sales of companies in the market segment - Military services
Amentum provides critical services and technical expertise to government customers, primarily defense, in the United States and its allies. The growth of its contract base is directly related to government spending on defense and security. This chart reflects total defense sector revenue, where Amentum plays a key role in supporting national security.
Overall market sales
Amentum Holdings, Inc. provides engineering and scientific services, primarily to the US government. While the company is less dependent on overall consumer trends, economic growth, as shown in this chart, impacts tax revenues. This, in turn, determines funding for government programs in defense, cybersecurity, and intelligence, where Amentum operates.
Future sales volume of the company, segment and market as a whole
Future (projected) sales of the company Amentum Holdings Inc.
Amentum is a leading provider of engineering and technical services to the US and allied governments, particularly in the defense and intelligence sectors. Its revenue forecast is directly linked to government budgets and national security priorities, reflecting analysts' expectations for new major contracts for the maintenance and modernization of critical infrastructure.
Future (projected) sales of companies in the market segment - Military services
Amentum Holdings is a leading provider of engineering and technical services to the US government and allied nations. The company maintains critical infrastructure and defense systems. This chart displays forecasts for the military services sector, providing insight into Amentum's position in the context of government spending and geopolitics.
Future (projected) sales of the market as a whole
Amentum, which provides engineering and technical services to the government, sees this chart as a reflection of the overall state of the economy, which impacts state budgets. Stable economic growth allows the government to more confidently finance long-term defense, infrastructure, and environmental projects, for which Amentum is a key contractor.
Marginality of the company, segment and market as a whole
Company marginality Amentum Holdings Inc.
Amentum Holdings provides engineering and technical services, primarily to the US government, including the Department of Defense. Profitability in this business depends on the ability to win long-term government contracts and effectively manage projects. This chart shows what portion of revenue from these contracts the company retains as net profit.
Market segment marginality - Military services
Amentum Holdings is a leading provider of engineering and technical services to the US and international governments, including facilities management and IT support. This chart shows the company's operational efficiency compared to other defense contractors. In this sector, profitability depends on the ability to win long-term government contracts and effectively manage their execution.
Market marginality as a whole
Amentum Holdings provides engineering and technical services primarily to the US and international governments. This chart reflects the commercial sector, but Amentum's business operates under government contracting regulations. Their profitability is dependent on defense budgets and government programs, ensuring stability and long-term visibility.
Employees in the company, segment and market as a whole
Number of employees in the company Amentum Holdings Inc.
Amentum provides engineering and technical services primarily to the US government. This chart shows the company's vast workforce working on government contracts in the defense, space, and energy sectors. Headcount growth is directly dependent on the awarding of new contracts and the renewal of existing ones.
Share of the company's employees Amentum Holdings Inc. within the market segment - Military services
Amentum is a major government contractor providing engineering and technical services, including for the defense sector. The scale of its contracts requires a huge staff of specialists. This chart shows the company's share of the total number of people employed in the military services sector, clearly demonstrating its deep integration into national security and the defense industry.
Number of employees in the market segment - Military services
Amentum Holdings provides engineering and technical services, primarily to the US government. The scale of its operations is reflected in its vast staff. This chart shows the team size required to fulfill complex government contracts. The growth in staffing is directly related to the acquisition of new defense and nuclear projects.
Number of employees in the market as a whole
Amentum Holdings provides engineering and technical services, primarily to the US and international governments. Its business is based on long-term contracts in the defense and energy sectors. Given the overall labor market volatility shown by this chart, Amentum exemplifies a stable employer whose operations are relatively unaffected by short-term economic fluctuations.
Market capitalization per employee (in thousands of dollars) of the company, segment, and market as a whole
Market capitalization per employee (in thousands of dollars) of the company Amentum Holdings Inc. (AMTM)
Amentum is a large government contractor providing engineering and technical services, primarily to the US government. It's a service-based business, where its primary asset is its thousands of skilled employees. The low number on this chart is typical for service companies, where revenue is directly dependent on headcount.
Market capitalization per employee (in thousands of dollars) in the market segment - Military services
Amentum is a major government contractor providing engineering, IT, logistics, and maintenance services to US defense and government agencies. It's a "people business." This chart shows the average capitalization per employee in the sector. It helps assess how their long-term contracts and team of specialists are valued by the market per employee.
Market capitalization per employee (in thousands of dollars) for the overall market
Amentum Holdings provides engineering and technical services primarily to the US government, including the defense and energy sectors. It's a services business where contracts and personnel skills are key assets. This chart helps understand how the market evaluates the company's ability to win large government contracts and effectively manage thousands of specialists.
Profit per employee (in thousands of dollars) for the company, segment, and market as a whole
Profit per employee (in thousands of dollars) of the company Amentum Holdings Inc. (AMTM)
Amentum Holdings provides engineering and technical services, primarily for the US government (defense and energy). It's a project-based service business. This chart shows how efficiently the company manages its contracts and highly qualified personnel (engineers and scientists). Profit is the margin factored into the cost of a "man-hour."
Profit per employee (in thousands of dollars) in the market segment - Military services
Amentum is a "government" consultant serving the defense industry, intelligence, and energy sectors (DoE). This chart shows the benchmark for "Military Services" (Consulting). In this "B2G" business, the benchmark is moderate. Revenue per employee is a direct indicator of how much the company "sells" per hour of work from its "cleared" (cleared) consultants.
Profit per employee (in thousands of dollars) for the market as a whole
Amentum (AMTM) is a large contractor providing engineering, technical, and logistics services primarily to the US government, particularly the Department of Defense and the Department of Energy. This chart, which shows average profit per employee, helps us understand how efficient the government services sector, which relies on thousands of engineers and consultants, is relative to the economy as a whole.
Sales to employees of the company, segment and market as a whole
Sales per company employee Amentum Holdings Inc. (AMTM)
Amentum Holdings provides engineering and technical services primarily to the US government. In the services business, this chart is a direct indicator of performance. It shows the revenue generated by each contractor and reflects the company's ability to win and execute large government contracts in defense and other sectors.
Sales per employee in the market segment - Military services
Amentum is a major provider of services to the US government, including engineering, IT, and mission support. It's a service business where people are its core asset. This chart shows the average revenue per employee in the sector. It helps evaluate how effectively Amentum manages its contracts and personnel compared to other government contractors.
Sales per employee for the market as a whole
Amentum Holdings, Inc. is a major government contractor providing engineering and technical services, primarily to the US government (Department of Defense). It's a service business, where the company's main asset is its people and their contracts. This chart shows the income generated by each employee (engineer, technician, consultant). Its dynamics depend on its ability to win major government contracts.
Short shares by company, segment and market as a whole
Shares shorted by company Amentum Holdings Inc. (AMTM)
Amentum is a major government contractor providing engineering, logistics, and IT services primarily to the US Department of Defense and other agencies. The business is dependent on the government budget. The chart shows the number of investors who may be concerned about budget battles in Congress, which could lead to delays or cancellations of major contracts for the company.
Shares shorted by market segment - Military services
Amentum is a major government contractor providing engineering and technical services, primarily to defense and intelligence agencies. This indicator summarizes bearish sentiment in the government services and military-industrial complex sectors. Its growth may signal expectations of government budget cuts or increased competition for contracts across the industry.
Shares shorted by the overall market
Amentum (AMTM) is a large contractor providing services to the US government. It is considered a "defensive" stock. However, when the Short_All chart shows increasing systemic pessimism, even "safe" stocks can be subject to sell-off, as investors fear a general market correction rather than specific risks related to AMTM.
RSI 14 indicator for a company, segment, and market as a whole
The company's RSI 14 indicator Amentum Holdings Inc. (AMTM)
Amentum is a major contractor providing engineering and technical services to the US government (military, energy). The business depends on government budgets. This chart for AMTM (if it were negotiable) would reflect sentiment around government spending. >70 indicates major contracts, <30 indicates sequestration fears.
RSI 14 Market Segment - Military services
Amentum (AMTM) is a major contractor providing engineering and technical services to the US government, particularly the Department of Defense and the Department of Energy. They manage complex and critical projects. This chart shows the overall sentiment in the Defense Services sector. It helps distinguish Amentum's success in winning contracts from the overall "overheating" or "overselling" of the defense industry as a whole.
RSI 14 for the overall market
Amentum Holdings is a major government contractor providing engineering and technical services, primarily to the US Department of Defense and Department of Energy. Its business depends on the government budget, which is considered stable. However, this market sentiment chart is still important, as in times of panic, investors may fear a general reduction in government spending.
Analyst consensus forecast for the company's share price, the segment, and the market as a whole
Analyst consensus stock price forecast AMTM (Amentum Holdings Inc.)
Amentum Holdings is a major government contractor providing engineering, logistics, and IT services to the US government, particularly the Department of Defense and the Department of Energy. This chart shows analysts' estimates of AMTM's future stock price based on its government contract portfolio.
The difference between the consensus estimate and the actual stock price AMTM (Amentum Holdings Inc.)
Amentum is a major government contractor providing engineering, logistics, and IT services primarily to the US Department of Defense and Department of Energy. They service complex and critical facilities. This chart shows how analysts value their portfolio of long-term government contracts. It reflects the gap between the consensus estimate and the current price.
Analyst consensus forecast for stock prices by market segment - Military services
Amentum is one of the US government's largest service contractors. The company provides engineering, IT services, logistics, and facilities maintenance to the Pentagon, NASA, and other agencies. This chart shows analysts' general expectations for the military services sector. It reflects whether experts believe government outsourcing budgets will grow.
Analysts' consensus forecast for the overall market share price
Amentum is a giant US government service contractor. They don't build tanks, but service everything from military bases to nuclear facilities. This schedule, reflecting expert expectations, has little impact on them. Their business isn't economics, but long-term government contracts, determined by budgets, not cycles.
AKIMA index of the company, segment and market as a whole
AKiMA Company Index Amentum Holdings Inc.
Amentum is a major government contractor providing engineering, technology, and logistics services, primarily to the US government (Department of Defense, Department of Energy). This chart is a proxy for government spending, reflecting the stability of their long-term contracts to service complex government and military facilities.
AKIMA Market Segment Index - Military services
Amentum is the largest government service contractor (a competitor of Leidos); the company doesn't manufacture equipment but provides critical services to the US government (base maintenance, logistics, IT, nuclear safety). This aggregate metric evaluates companies. The chart shows the sector average. This benchmark: how deeply does Amentum integrate into government procurement differentiate it from the average competitor?
The AKIM Index for the overall market
Amentum is a major IT integrator and contractor serving the US government (defense, intelligence, and energy). It operates on long-term government contracts. This chart, which reflects the market average, is important for context. It helps assess how Amentum, a defense business that follows government budget cycles, fits into the overall macroeconomic picture.