GURU.Markets stock price, segment price, and overall market index valuation
The company's share price DTE
DTE Energy is a utility company providing light and heat to Detroit and Michigan. Its stock chart is a classic story of stability, based on regulated rates. Growth is driven by investments in grid modernization and the transition to clean energy.
Share prices of companies in the market segment - Energy supply
DTE Energy is a diversified energy holding company with segments in regulated electricity and gas supply, as well as unregulated energy businesses. We classify it as part of the Energy Supply sector. The chart below shows the overall performance of this stable and dividend-paying segment.
Broad Market Index - GURU.Markets
DTE Energy is a diversified energy holding company that distributes electricity and gas in Michigan and owns deregulated energy businesses. It is a component of the GURU.Markets index. The chart below shows the market. See how DTE shares compare to the utilities sector.
Change in the price of a company, segment, and market as a whole per day
DTE - Daily change in the company's share price DTE
DTE Energy, like many utilities, is considered a safe haven. Its daily price change reflects low volatility but sensitivity to regulatory decisions. This metric, while unspectacular, is an important element in the formulas on System.GURU.Markets, where it helps assess risk.
Daily change in the price of a set of shares in a market segment - Energy supply
Energy companies like DTE Energy Company operate in a regulated sector. This chart shows the average daily volatility of the entire utility industry. Comparing it to DTE's performance helps us understand how insulated its stable energy supply business is from broad market fluctuations.
Daily change in the price of a broad market stock, index - GURU.Markets
DTE Energy is a diversified energy company providing utilities in Michigan. The regulated utility business is considered relatively stable. The chart below shows the average volatility for this sector, allowing you to compare DTE with other companies.
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 DTE
DTE Energy is a major electric utility. Its annual performance reflects both the stability of the utility sector and its long-term strategy of investing in renewable energy and grid modernization.
Annual dynamics of market capitalization of the market segment - Energy supply
DTE Energy Company is a diversified energy company serving customers in Michigan. It operates both regulated utility businesses and non-regulated assets. The chart shows how this balanced approach and investments in clean energy impact its performance relative to the sector.
Annual dynamics of market capitalization of broad market stocks, index - GURU.Markets
DTE Energy is a diversified energy company with a regulated utility business in Michigan. This provides stability. DTE's stock performance, like that of other utilities, attracts investors seeking dividend yield and low volatility.
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 DTE
DTE Energy, a regulated energy company, is generally stable. Monthly price fluctuations on the chart reflect regulators' rate decisions, seasonal energy demand, and general interest rate trends, which influence the attractiveness of utility stocks.
Monthly dynamics of market capitalization of the market segment - Energy supply
Here's the dynamics of the utility sector. For DTE Energy, a major energy company, this is context. Its movements reflect stable electricity demand, regulatory decisions on rates, and its investments in grid modernization and the transition to green generation.
Monthly dynamics of market capitalization of broad market stocks, index - GURU.Markets
DTE Energy is a diversified energy company providing utilities in Michigan. Utility stocks are traditionally considered defensive. A market-wide chart allows us to test this assertion: does DTE truly offer a safe haven for investors during times of market uncertainty thanks to its regulated business model?
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 DTE
DTE Energy, an energy company serving Michigan, exhibits dynamics sensitive to regional factors. Weekly stock price movements reflect weather conditions that impact demand, local regulator rate decisions, and the state's industrial activity, providing a snapshot of the local economic landscape.
Weekly dynamics of market capitalization of the market segment - Energy supply
DTE Energy, like most utilities, exhibits the dynamics typical of this defensive sector. The chart allows you to compare its weekly fluctuations with the industry index to see how closely it tracks the overall sector's response to interest rate changes and regulatory news.
Weekly dynamics of market capitalization of stocks of the broad market, index - GURU.Markets
DTE Energy is a diversified energy company serving Michigan. Utilities are a defensive sector with stable demand. The chart below demonstrates whether DTE serves as a safe haven, exhibiting lower volatility than overall market fluctuations, especially during turbulent times.
Market capitalization of the company, segment and market as a whole
DTE - Market capitalization of the company DTE
DTE Energy's market capitalization is a financial barometer of the energy heart of the industrial Midwest. This company's chart reflects not only the stability of its utility business but also investments in grid modernization and the transition to clean energy. Its dynamics reveal how investors assess the reliability and future of the region's energy infrastructure.
DTE - Share of the company's market capitalization DTE within the market segment - Energy supply
DTE Energy is a diversified energy company providing gas and electricity to millions of customers in Michigan. Its share of the utility sector's market capitalization reflects its status as a regulated monopoly and the stability of its business. The chart demonstrates its scale and importance as a key energy provider in the region.
Market capitalization of the market segment - Energy supply
DTE Energy provides electricity and gas to millions of people in Michigan. The chart below shows the total market capitalization of the entire US utility sector. Its relatively stable performance reflects the regulated nature of the business and its fundamental importance to the economy and population.
Market capitalization of all companies included in a broad market index - GURU.Markets
The DTE Energy chart is a financial snapshot of the American Midwest's energy system. It shows the company's share of the global economy, providing light and heat to millions of homes and businesses. Its stability reflects the fundamental need for energy, which underpins any economy.
Book value capitalization of the company, segment and market as a whole
DTE - Book value capitalization of the company DTE
For DTE Energy, book value is its power plants, transmission lines, and gas pipelines. The chart below clearly demonstrates how the energy company is investing in modernizing and expanding its infrastructure. Its steady growth is an indicator of the strengthening of its asset base.
DTE - Share of the company's book capitalization DTE within the market segment - Energy supply
DTE Energy provides electricity and gas to millions of people. Its core business is the ownership and management of vast physical infrastructure: power plants, transmission lines, and gas pipelines. The chart below shows how much of the region's critical energy grid DTE controls, which drives its business.
Market segment balance sheet capitalization - Energy supply
The energy industry is synonymous with capital intensity, and the sector's book value chart demonstrates this. DTE Energy is a classic example of this model. Its business is the ownership and operation of a vast physical network of power plants and pipelines, which forms the core of its operations.
Book value of all companies included in the broad market index - GURU.Markets
DTE Energy provides light and heat to millions of people. The company's assets include power plants, gas pipelines, and power lines—the tangible, physical infrastructure that sustains an entire region. The chart clearly demonstrates the material weight of this energy pillar.
The ratio of market capitalization to book capitalization of a company, segment, and the market as a whole
Market capitalization to book capitalization ratio - DTE
DTE Energy Company is a regulated energy holding company. Its valuation is close to the book value of its assets, which is typical for utilities. Investors value it for its stable and predictable revenues, which provide reliable dividends.
Market to book capitalization ratio in a market segment - Energy supply
DTE Energy Company is an energy company that provides electricity and gas to millions of customers. Its business is based on a large and expensive infrastructure. This chart shows how the market values the company relative to its book value. This reflects investor expectations regarding the regulatory environment and future investments.
Market to book capitalization ratio for the market as a whole
DTE Energy is an energy company that provides electricity and gas to millions of customers in Michigan. Its business is based on owning and operating vast infrastructure: power plants, transmission lines, and pipelines. This metric demonstrates how a company's valuation, based on tangible assets, compares to a market dominated by intangible assets.
Debts of the company, segment and market as a whole
DTE - Company debts DTE
DTE Energy, an energy company serving millions of customers, is using debt financing to modernize its infrastructure and transition to clean energy. The borrowed funds are being used to upgrade its power grid and build wind and solar parks. This chart illustrates how the company balances reliability with a green agenda.
Market segment debts - Energy supply
DTE Energy is an energy company providing electricity and gas to millions of customers. Like most utilities, its business requires ongoing, large investments in infrastructure maintenance and modernization, financed through debt. This chart demonstrates how DTE's debt policy aligns with the standards of the regulated energy industry.
Market debt in general
DTE Energy is a diversified energy company serving customers in Michigan. As a regulated utility, DTE has predictable cash flows, allowing it to maintain significant debt to finance its infrastructure. This chart compares its debt level to the market average and assesses the stability of its business model.
Debt to book value of the company, segment and market as a whole
The company's debt to book capitalization ratio DTE
DTE Energy, as a regulated utility, has stable cash flow but requires ongoing investment in network modernization. This chart shows its use of debt financing. This is a normal practice for such companies, but it's important for investors to monitor debt levels to assess their impact on rates and dividends.
Market segment debt to market segment book capitalization - Energy supply
DTE Energy is a diversified energy company serving millions of customers. This chart shows the debt-to-book capitalization ratio for the entire energy industry. For this capital-intensive sector, this is a key indicator of financial strength and the ability to invest in grid modernization and the transition to new energy sources.
Debt to book value of all companies in the market
DTE Energy is a major energy company. This chart is a macroeconomic indicator showing the debt-to-asset ratio for the entire market. It allows one to assess how DTE's financing strategy for network modernization fits into overall corporate debt trends in the economy.
P/E of the company, segment and market as a whole
P/E - DTE
This chart for DTE Energy shows the valuation of a diversified energy company serving millions of customers. As a regulated utility, it has predictable earnings. This metric reflects how investors value stability, reliable dividends, and growth potential through investments in grid modernization and renewable energy.
P/E of the market segment - Energy supply
DTE Energy is a diversified energy company engaged in the generation and distribution of electricity and natural gas in Michigan. The company actively invests in grid modernization and renewable energy. This chart shows the average rating in the utilities sector, where investors value stability, dividends, and business predictability.
P/E of the market as a whole
DTE Energy is a diversified energy company providing gas and electricity to millions of customers. It's a classic utility company with a stable and regulated business. This chart reflects general market expectations. Comparisons with it show whether investors view DTE as a safe haven and source of dividends, or whether its valuation is also susceptible to market turbulence.
Future P/E of the company, segment and market as a whole
Future (projected) P/E of the company DTE
DTE Energy is a diversified energy company that supplies electricity and natural gas in Michigan. This chart illustrates its forecasted stability and revenue. This forecast is dependent on regulatory rate decisions, investments in grid modernization, and the transition to cleaner energy sources, which ensures predictability of cash flows.
Future (projected) P/E of the market segment - Energy supply
DTE Energy is a diversified energy company serving customers in Michigan. This chart compares the company's future profitability expectations with those for the broader utility sector. It assesses whether the market views its investments in grid modernization and renewable energy as a reliable source of stable revenue growth.
Future (projected) P/E of the market as a whole
DTE Energy is a diversified energy company providing electricity and gas to the state of Michigan. Like many utilities, its business is stable. This chart of overall market expectations shows how investors value riskier assets. Against this backdrop, DTE's predictability and dividends may appear particularly attractive.
Profit of the company, segment and market as a whole
Company profit DTE
DTE Energy is a diversified energy company that provides electricity and natural gas to millions of customers in Michigan. As a regulated utility, it has predictable revenues, but its profits are dependent on tariffs set by the regulator. This chart demonstrates the financial stability of a traditional utility business.
Profit of companies in the market segment - Energy supply
DTE Energy is a diversified energy holding company based in Detroit that owns utilities in Michigan. This chart shows profitability in the energy sector. The company is actively investing in grid modernization and the transition to clean energy sources, striving to ensure a reliable and sustainable energy supply for its region.
Overall market profit
DTE Energy is a diversified energy company serving customers in Michigan. Like most utilities, DTE provides basic electricity and gas services. This makes its revenue stable and predictable, less susceptible to the sharp fluctuations in economic activity that can be reflected in this chart.
Future (predicted) profit of the company, segment and market as a whole
Future (projected) profit of the company DTE
DTE Energy is a diversified energy company providing electric and gas services in Michigan. The future profit projections shown here are largely determined by regulatory rate decisions. Analysts evaluate the company's investment plans in grid modernization and renewable energy, which will drive future revenue growth.
Future (predicted) profit of companies in the market segment - Energy supply
DTE Energy is a diversified energy company providing utilities in Michigan. This chart shows expected profits for the entire energy sector. It reflects forecasts for rates, energy consumption, and grid modernization investments. This industry context is important for assessing DTE Energy's stability and regulatory outlook.
Future (predicted) profit of the market as a whole
DTE Energy is a diversified energy company serving customers in Michigan. Like other utilities, its results depend on regional economic activity. Growth forecasts, like those in the chart, indicate increased energy consumption by industrial and commercial customers, which positively impacts DTE's revenue.
P/S of the company, segment and market as a whole
P/S - DTE
DTE Energy is a diversified energy company that supplies electricity and natural gas to millions of customers in Michigan. Its business is state-regulated, ensuring stable revenue. This chart shows how investors view this revenue predictability and the company's ability to invest in grid modernization and renewable energy.
P/S market segment - Energy supply
DTE Energy is a diversified energy company providing gas and electricity to millions of customers in Michigan. It is a classic representative of the utility sector. This chart shows the average revenue estimate for energy companies, allowing investors to compare DTE's valuation with peers and understand how the market views its stability and regulatory environment.
P/S of the market as a whole
DTE Energy is a diversified energy company providing electricity and natural gas to customers in Michigan. It is a classic, regulated business with predictable revenue and dividends. This overall market valuation chart compares how investors value the stability and reliability of the utility sector against more dynamic, but also riskier, industries.
Future P/S of the company, segment and market as a whole
Future (projected) P/S of the company DTE
DTE Energy is a diversified energy company serving customers in Michigan. As a regulated utility, its future revenues are fairly predictable and depend on approved rates and infrastructure investments. This chart reflects market expectations for stability and moderate revenue growth.
Future (projected) P/S of the market segment - Energy supply
DTE Energy is a diversified energy company providing utility services (electric and gas) in Michigan. Its revenues are stable and state-regulated, ensuring predictability. This chart shows how the market values its future sales, which is typical for utilities, where investors value reliability over explosive growth.
Future (projected) P/S of the market as a whole
DTE Energy, as a utility company, powers Michigan's economy. The overall market optimism, evident in the chart, means increased industrial production and commercial activity in DTE's service region. This directly translates into increased electricity and gas consumption. DTE's stability is the foundation for the economic growth that investors expect.
Sales of the company, segment and market as a whole
Company sales DTE
DTE Energy is a diversified energy company serving millions of customers in Michigan. Its primary revenue comes from regulated electricity and natural gas tariffs. This chart shows total revenue, which reflects regional energy consumption and the stability of its utility business, supported by infrastructure investments.
Sales of companies in the market segment - Energy supply
DTE Energy is a diversified energy company serving customers in Michigan. Its business is divided into two main segments: utilities (DTE Electric and DTE Gas), which generate stable, regulated revenue, and the deregulated energy business. This chart shows the dynamics of the utilities sector, where DTE's revenue predictability is its primary strength.
Overall market sales
DTE Energy is an energy company serving millions of customers in Michigan. Demand for its services (electricity and gas) is stable but still dependent on regional economic activity. This chart, reflecting the state of industry and business, allows us to assess demand from commercial customers, which is a significant component of DTE's revenue.
Future sales volume of the company, segment and market as a whole
Future (projected) sales of the company DTE
DTE Energy is a diversified energy company serving customers in Michigan. It generates and distributes electricity and natural gas. Its revenues are regulated by tariffs and depend on the stability of the regional economy. This chart shows analysts' estimates of future tariffs and energy consumption, which inform DTE's revenue forecast.
Future (projected) sales of companies in the market segment - Energy supply
DTE Energy is a diversified energy company serving customers in Michigan and owning assets in other states. This chart illustrates the overall outlook for the utility sector. It's important for investors to understand how DTE's investments in grid modernization and renewable energy relate to the regulatory environment and overall industry trends.
Future (projected) sales of the market as a whole
DTE Energy, an energy company serving Michigan, sees this chart as a forecast for the regional economy. Rising market revenue expectations signal increased industrial production and commercial activity in DTE's service area. This directly translates into increased electricity and gas consumption, ensuring stable revenue for the company.
Marginality of the company, segment and market as a whole
Company marginality DTE
DTE Energy is a diversified energy company serving customers in Michigan. As a regulated utility, their profitability depends on approved rates and efficient management of generation and distribution costs. This chart shows how consistently the company generates net income within its business model.
Market segment marginality - Energy supply
DTE Energy is a diversified energy company serving customers in Michigan. It generates electricity and distributes natural gas. This chart shows the profitability of its regulated business compared to other utilities. The stability of this indicator reflects rate predictability and operational reliability.
Market marginality as a whole
DTE Energy is an energy company providing electricity and gas to millions of customers. As a regulated utility, it has predictable profitability that often fluctuates independently of the broader market. This chart allows us to assess DTE's stability against the volatility of profits in more competitive sectors of the economy.
Employees in the company, segment and market as a whole
Number of employees in the company DTE
DTE Energy is a large energy company operating in a regulated market. This chart demonstrates the stability typical of the utility sector. Its headcount is relatively constant and aligned with the needs of servicing energy infrastructure and the customer base in its region. Significant changes may be associated with major M&A transactions.
Share of the company's employees DTE within the market segment - Energy supply
DTE Energy is a diversified energy company providing electricity and gas to millions of customers in Michigan. This chart reflects its weight in the regional energy sector through its headcount. This reflects the scale of its infrastructure—power plants, grids, and maintenance facilities—which require a large staff of skilled professionals.
Number of employees in the market segment - Energy supply
DTE Energy is a diversified energy company engaged in the generation and distribution of electric and gas in Michigan. This chart illustrates total employment in the utility sector. The stability of employment in this industry underscores its critical importance to the economy, and DTE plays a key role in providing energy to millions of customers.
Number of employees in the market as a whole
DTE Energy is an energy company serving millions of customers. For them, this chart is a direct indicator of demand for their services. Growing employment in their service region means increased electricity and gas consumption by both households and commercial and industrial businesses, ensuring stable and predictable cash flow.
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 DTE (DTE)
DTE Energy is a diversified energy company serving Michigan. This chart illustrates the classic utility model. The high capitalization per employee reflects the enormous value of its power plants, gas pipelines, and grids, which are maintained by a relatively small but highly skilled workforce.
Market capitalization per employee (in thousands of dollars) in the market segment - Energy supply
DTE Energy (DTE) is a regulated utility in Michigan. It's a classic "heavy" business: stable, but requiring constant investment in networks and generation, as well as a large workforce. This metric reflects the market capitalization per employee of this capital-intensive monopoly.
Market capitalization per employee (in thousands of dollars) for the overall market
DTE Energy is a diversified energy company providing electricity and gas to millions of customers. Its business is capital-intensive and requires reliable infrastructure. This chart shows the market value generated by each employee managing a complex network of power plants and pipelines, a measure of efficiency in the utility sector.
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 DTE (DTE)
DTE Energy is a diversified energy company that supplies gas and electricity in Michigan. Like other utilities, their business requires significant capital investment in infrastructure (networks, stations). This chart shows how much revenue each employee generating for this complex system generates. It reflects operational efficiency and the balance between investment and rates.
Profit per employee (in thousands of dollars) in the market segment - Energy supply
DTE Energy is a regulated utility (electricity, gas) in Michigan. This chart shows the benchmark for "Energy Supply." This sector (utilities) is regulated. Average profit per employee is stable, but not high. It is determined not by the market, but by tariffs set by the regulator and the efficiency of network management.
Profit per employee (in thousands of dollars) for the market as a whole
DTE Energy is a diversified energy company that supplies electricity to millions of customers in Michigan. It is a regulated and capital-intensive business, requiring ongoing investment in infrastructure. This chart illustrates how the company balances the need to maintain a large staff to maintain its networks with the pursuit of cost efficiency within established tariffs.
Sales to employees of the company, segment and market as a whole
Sales per company employee DTE (DTE)
DTE Energy is a diversified energy company providing electricity and gas to millions of customers. This chart illustrates efficiency in the regulated utility industry. High revenue per employee is achieved through extensive infrastructure (power plants, pipelines), which generates stable revenue with a relatively small workforce.
Sales per employee in the market segment - Energy supply
DTE Energy is a diversified energy company serving Michigan (electric and gas). It is a classic regulated, capital-intensive utility. This chart shows the sector's average revenue per employee. It helps assess how effectively DTE's staff manages its power plants and grid.
Sales per employee for the market as a whole
DTE Energy is a utility company serving Detroit and southeastern Michigan. They distribute electricity and natural gas. It's a classic regulated, capital-intensive business. This chart shows how much stable, regulated revenue their power plants, wires, and pipes generate per employee.
Short shares by company, segment and market as a whole
Shares shorted by company DTE (DTE)
DTE Energy is a diversified energy company that supplies electricity and gas in Michigan. It's a classic utility. This chart shows bearish bets. Shorting stable utilities is often associated with regulatory risks (if state authorities don't allow rate increases) or high debt levels in an environment of rising interest rates.
Shares shorted by market segment - Energy supply
DTE Energy (DTE) is a diversified energy company that distributes electricity and gas in Michigan and also has a deregulated business. This chart highlights the pessimism in the utilities sector. Rising bets against the sector are often linked to investor concerns about rising interest rates (which makes debt more expensive) or strict rate regulations, which limit DTE's profits.
Shares shorted by the overall market
DTE Energy is a diversified energy company that supplies electricity and gas in Michigan. It's a classic utility. When fear reigns in the market, as reflected by this indicator, investors flock to defensive sectors. DTE shares, providing stable, regulated income and dividends, provide a safe haven during market storms.
RSI 14 indicator for a company, segment, and market as a whole
The company's RSI 14 indicator DTE (DTE)
DTE Energy is a large regulated utility in Michigan. This chart measures momentum. "Oversold" (below 30) for "defensive" utilities is almost always caused by panic over sharply rising interest rates (which makes DTE's dividend less attractive). "Oversbought" (above 70) reflects investor flight to "safe" dividend stocks during periods of market fear.
RSI 14 Market Segment - Energy supply
DTE Energy is a diversified energy company that supplies electricity and gas to the state of Michigan. The RSI_14_Seg for "Energy Supply" is a barometer of the "defensive" utility sector. It helps us understand whether DTE's performance reflects its investments in the grid, or whether the entire sector is oversold due to investor fears of rising rates.
RSI 14 for the overall market
DTE Energy is a regulated utility company that supplies electricity and gas in Michigan. It's a classic defensive stock. This chart shows the general market frenzy. When it shows panic (oversold), investors seek safety. They move out of risky assets and buy shares of "boring" but stable companies like DTE for their predictable dividends.
Analyst consensus forecast for the company's share price, the segment, and the market as a whole
Analyst consensus stock price forecast DTE (DTE)
DTE Energy is a diversified energy company that supplies electricity and natural gas to millions of customers in Michigan. It's a classic regulated business. This chart shows how analysts evaluate regulators' rate decisions and the company's plans for large-scale investments in grid modernization and the transition to renewable energy.
The difference between the consensus estimate and the actual stock price DTE (DTE)
DTE Energy is a diversified energy company serving customers in Michigan (electric and gas). This chart shows the difference between the consensus forecast and the price. It reflects how analysts believe the regulatory environment and investments in green energy will support the company's sustainable growth.
Analyst consensus forecast for stock prices by market segment - Energy supply
DTE Energy is a regulated utility providing electricity and gas to the Detroit region, Michigan. It's a classic "safe haven" stock. This chart shows analysts' overall expectations for the entire electric power sector. It reflects whether experts believe the sector will continue to grow steadily or are wary of high interest rates.
Analysts' consensus forecast for the overall market share price
DTE Energy is a diversified energy company serving millions of customers in Michigan. They supply both electricity and natural gas. It's a classic utility business. This chart shows overall market sentiment. For DTE, whose rates are regulated, it's interesting to see how general economic expectations impact industrial energy demand in the region. (344)
AKIMA index of the company, segment and market as a whole
AKiMA Company Index DTE
DTE Energy is a diversified energy company whose core business is the regulated supply of electricity and gas in the state of Michigan (DTE Electric, DTE Gas). This chart reflects the stability of their regulated business. Its dynamics are determined by state regulators' rate decisions and the volume of authorized investments in grid modernization.
AKIMA Market Segment Index - Energy supply
DTE Energy is a large, diversified utility company that provides electricity and gas to millions of customers in Michigan (including Detroit). This comprehensive index ranks companies. The chart shows the sector average. This benchmark: how does DTE's stable and regulated model in Michigan differentiate it from the average competitor?
The AKIM Index for the overall market
DTE Energy is a diversified utility company serving customers in Michigan (electric and gas). It's a classic regulated business. This chart, showing the market average, provides context. It helps assess how DTE, a safe haven asset sensitive to interest rates and regulatory decisions, fares against the backdrop of overall macroeconomic fluctuations, which this indicator reflects.