GURU.Markets stock price, segment price, and overall market index valuation
The company's share price Progress Software
Progress Software owns a portfolio of products for application development and deployment. Its stock price reflects stable revenue from a loyal customer base. The chart tells the story of a company growing through the acquisition of other mature software businesses.
Share prices of companies in the market segment - Soft internet
Progress Software provides tools for developing and deploying business applications. We classify the company as part of the Soft Internet sector, and the chart below reflects the overall dynamics of this segment, which is characterized by a shift to subscription models and stable demand.
Broad Market Index - GURU.Markets
Progress Software provides software for developing and deploying business applications. Its products are a key component of the GURU.Markets index. The chart below represents the market. See how Progress shares compare to the enterprise software sector.
Change in the price of a company, segment, and market as a whole per day
PRGS - Daily change in the company's share price Progress Software
For Progress Software, a provider of application development software, change_co is a measure of the volatility of a mature tech company. Daily fluctuations reflect reactions to earnings reports and M&A deals. This metric is important for analyzing stability in the software sector on System.GURU.Markets.
Daily change in the price of a set of shares in a market segment - Soft internet
Progress Software Corporation is a developer of software for creating and deploying business applications. This chart shows the average daily volatility of the technology sector. Comparing it to the performance of PRGS, which is growing through acquisitions, helps assess the success of its consolidation strategy.
Daily change in the price of a broad market stock, index - GURU.Markets
Progress is a developer of software for creating and deploying enterprise applications. The enterprise software market is competitive. The chart below shows the average volatility in this industry, allowing you to compare Progress's performance with other tech 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 Progress Software
Progress Software is a veteran in the software market. Its year-over-year performance reflects the stability of its business and a successful growth strategy through acquisitions. The chart below tells the story of its adaptation to new technological realities.
Annual dynamics of market capitalization of the market segment - Soft internet
Progress Software Corporation provides software for developing and deploying business applications. Its growth strategy is based on acquiring mature software companies. The chart below shows how its unique M&A model and ability to generate cash flow from its portfolio influence its growth.
Annual dynamics of market capitalization of broad market stocks, index - GURU.Markets
Progress Software, with its infrastructure software portfolio, is a mature technology company. Its stock price reflects not explosive growth, but rather its ability to generate stable cash flow and return it to shareholders. The chart tells the story of how "boring" but important technologies create predictable value.
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 Progress Software
Progress Software, a provider of application development and deployment software, reflects its M&A strategy. Monthly fluctuations on the chart depend on stable revenue from its existing products and the successful integration of acquired companies, which are key drivers of its growth.
Monthly dynamics of market capitalization of the market segment - Soft internet
This chart reflects the dynamics of the enterprise software sector. For Progress, with its diversified portfolio, it serves as a backdrop. Its movements demonstrate how the company, managing mature products and acquiring new ones, generates stable cash flow amidst general IT trends.
Monthly dynamics of market capitalization of broad market stocks, index - GURU.Markets
Progress Software creates tools for developing business applications. The company's performance reflects overall trends in the technology sector and corporate IT spending. Its software subscription model smooths out market fluctuations, making its shares potentially more resilient during periods of uncertainty than other IT companies.
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 Progress Software
Progress Software's weekly performance reflects developer demand for tools for creating and deploying applications. The stock price of this company, which owns popular products, responds to general trends in the IT industry, the successful integration of acquired assets, and the competitive environment.
Weekly dynamics of market capitalization of the market segment - Soft internet
The software industry reacts weekly to general technology trends and corporate IT spending. News about cybersecurity and digital transformation impact the entire sector. This chart illustrates this overall context, allowing us to assess how Progress Software is finding its niche in this market.
Weekly dynamics of market capitalization of stocks of the broad market, index - GURU.Markets
Progress Software provides tools for developing and deploying applications. Its business is relatively stable thanks to its subscription model. This chart will help us understand: does the predictability of its earnings make Progress shares less volatile than the broader market, or does its status as a tech company make it more sensitive to market sentiment?
Market capitalization of the company, segment and market as a whole
PRGS - Market capitalization of the company Progress Software
Progress Software's market capitalization tells the story of a company successfully managing a portfolio of mature but mission-critical software products. The chart reflects its strategy of acquiring software with a loyal customer base. The market's assessment of the company's ability to generate stable cash flow and return it to shareholders, rather than chasing explosive growth, reflects the company's market cap.
PRGS - Share of the company's market capitalization Progress Software within the market segment - Soft internet
Progress Software has a portfolio of products for developing and deploying business applications. Its market share isn't huge, but it's stable thanks to a loyal developer base using its tools. The chart shows how the company maintains its niche by focusing on reliable and time-tested technologies.
Market capitalization of the market segment - Soft internet
Progress Software provides tools for developing and deploying business applications. The chart below shows the overall market capitalization of the enterprise software sector. Its growth reflects the ongoing need for companies to modernize their IT systems, where Progress offers niche but in-demand solutions.
Market capitalization of all companies included in a broad market index - GURU.Markets
Progress Software provides tools for developing and deploying business applications. The company's market capitalization reflects its stable position in the enterprise software market. The chart below shows the economic weight of companies creating "building blocks" for developers.
Book value capitalization of the company, segment and market as a whole
PRGS - Book value capitalization of the company Progress Software
Progress Software's balance sheet consists of its software portfolio, IT infrastructure, and capital accumulated through acquisitions and subscriptions. This is the tangible, technological foundation upon which applications for thousands of companies are built. How has this "digital" asset grown through acquisitions? The chart below illustrates this interesting dynamic.
PRGS - Share of the company's book capitalization Progress Software within the market segment - Soft internet
Progress software solutions are used by millions of developers, and they are created and supported in the company's R&D centers and data hubs. The chart shows the share of these tangible assets in the IT sector, demonstrating the physical foundation behind its development tools.
Market segment balance sheet capitalization - Soft internet
Unlike manufacturing, the IT sector, as the BCap_Seg chart shows, is much less capital-intensive. Progress Software is a prime example. Its value lies not in its factories, but in its code and developer ecosystem. The chart helps us understand that in its world, competition is based on ideas, not physical assets.
Book value of all companies included in the broad market index - GURU.Markets
Progress Software's balance sheet is not made up of factories, but rather development centers and a global server infrastructure supporting mission-critical business applications. Its value reflects the physical scale of the technological foundation upon which thousands of companies operate, transforming digital assets into a tangible economic backbone.
The ratio of market capitalization to book capitalization of a company, segment, and the market as a whole
Market capitalization to book capitalization ratio - Progress Software
Progress Software creates application development tools. The company's value is determined not by the computers in its office, but by its intellectual property and loyal developer base. The MvsBCap chart clearly shows how much the market values ββthis intangible capital over its physical assets, reflecting confidence in future revenue from subscriptions and updates.
Market to book capitalization ratio in a market segment - Soft internet
Progress Software offers tools for developing and deploying business applications. The company's key assets are its technology, code, and customer base. The chart demonstrates how much its market capitalization, reflecting the value of its intellectual property, exceeds its modest book value.
Market to book capitalization ratio for the market as a whole
Progress Software creates developer tools, and its value lies in the digital world. Its core assets are its software code, intellectual property, and loyal developer community. Book value plays a secondary role. This chart vividly illustrates how highly the market values ββintangible assets in the infrastructure software sector.
Debts of the company, segment and market as a whole
PRGS - Company debts Progress Software
Progress Software uses debt financing primarily for strategic acquisitions of other IT companies. This "growth through acquisition" strategy allows it to rapidly expand its software portfolio and customer base. This chart illustrates how the company implements its M&A strategy by integrating new assets and managing its overall debt.
Market segment debts - Soft internet
Progress Software offers tools for developing and deploying business applications. In a mature IT company, debt management often involves acquisitions to expand the product line. The data presented provides insight into how Progress uses debt capital for strategic growth compared to its software competitors.
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 Progress Software
Progress Software offers tools for developing and deploying business applications. This chart shows the company's balance between equity and debt. In the IT sector, where growth is often achieved through acquisitions, debt leverage is an indicator of the aggressiveness of the strategy and the potential risks of integrating new assets.
Market segment debt to market segment book capitalization - Soft internet
Progress Software develops software, where its primary asset is intellectual property. Debt in the IT industry, as shown by this chart, is often associated with acquisitions aimed at securing technology. This helps us understand whether a company's debt is a tool for aggressive growth or an indicator of financial difficulties.
Debt to book value of all companies in the market
Progress Software is an IT company that often uses debt to acquire technology. This chart reflects the overall risk appetite in the economy. It allows us to assess how the technology sector's growth strategy through debt-financing M&A deals aligns with overall capital market sentiment.
P/E of the company, segment and market as a whole
P/E - Progress Software
For Progress Software, a developer of business application software, this chart shows the market's assessment of its growth strategy. Fluctuations in the multiple reflect investors' confidence in the success of acquisitions and Progress's ability to integrate their technologies to increase its market share and generate stable profits.
P/E of the market segment - Soft internet
This chart shows the average P/E valuation for the software development sector, where Progress Software operates. The industry is characterized by high growth expectations, which is reflected in the metric. It serves as a benchmark for understanding whether Progress Software's growth strategy is valued higher or lower by the market than its competitors.
P/E of the market as a whole
Progress Software provides tools for developing and deploying business applications, helping companies achieve digital transformation. Demand for its products is stable. This market sentiment chart allows you to compare Progress's valuation with the technology sector and the market as a whole to understand whether its value reflects a unique niche or general IT trends.
Future P/E of the company, segment and market as a whole
Future (projected) P/E of the company Progress Software
Progress Software offers tools for developing and deploying business applications. This chart shows how Wall Street assesses the company's future revenue prospects. These forecasts are based on developer demand for its products, the success of its acquisition strategy, and customer migration to a subscription model that provides stable revenue.
Future (projected) P/E of the market segment - Soft internet
Progress Software offers tools for developing and deploying business applications. The company operates in a highly competitive software market. This chart shows analyst expectations for future profitability in the sector. This provides an insight into how well the market views Progress Software in the technology race.
Future (projected) P/E of the market as a whole
Progress Software offers tools for developing and deploying business applications, helping companies modernize their IT infrastructure. Tech companies often outperform the market. This graph of overall investor confidence helps us understand whether appetite for growth stocks remains strong or whether the focus is shifting to companies with more predictable returns.
Profit of the company, segment and market as a whole
Company profit Progress Software
Progress Software provides tools for developing and deploying business applications, helping companies modernize their IT infrastructure. Revenue is generated primarily through recurring subscriptions for software and technical support. This chart illustrates how this model provides the company with stable and predictable financial results.
Profit of companies in the market segment - Soft internet
Progress Software creates tools for developing and deploying business applications. Its success depends on the demand for fast and efficient software development in the corporate sector. The graph below illustrates the overall profitability of the internet software industry, where technological innovation and the pace of digital business transformation worldwide are key factors.
Overall market profit
Progress Software creates tools that help other companies develop and implement mission-critical business applications. Progress's success is closely tied to the corporate sector's willingness to invest in digitalization. This graph indirectly reflects the investment climate: growing profits allow companies to invest more in technology, expanding the market for Progress.
Future (predicted) profit of the company, segment and market as a whole
Future (projected) profit of the company Progress Software
Progress Software offers tools for developing and deploying business applications. The company's future profitability depends on developer demand for its products and its ability to successfully integrate acquired technologies. This chart reflects Wall Street expectations for customer growth and subscription revenue for Progress software solutions.
Future (predicted) profit of companies in the market segment - Soft internet
Progress Software offers tools for developing, deploying, and managing business applications. The company helps clients with digital transformation, and its growth depends on corporate IT budgets. This chart shows the projected revenue trajectory for the entire enterprise software segment, allowing one to assess Progress Software's position against overall industry expectations.
Future (predicted) profit of the market as a whole
Progress Software offers tools for developing and deploying business applications. This graph shows the expected growth of the corporate sector. For Progress, this is a key indicator: the better a business is doing, the more actively it invests in developing new software and modernizing IT systems using the company's products.
P/S of the company, segment and market as a whole
P/S - Progress Software
Progress Software offers tools for developing and deploying business applications. For an IT company, revenue growth is a sign of demand for its products. This chart shows how investors evaluate the company's acquisition strategy and the development of its own technologies, factoring in future subscription and licensing revenue.
P/S market segment - Soft internet
Progress Software provides developers with tools for creating and deploying mission-critical business applications. Their products are used by thousands of companies to modernize and manage their IT infrastructure. This chart shows the industry average price-to-sales ratio, which helps understand how the market values ββProgress's stable and predictable business.
P/S of the market as a whole
Progress Software develops tools for creating and deploying business applications, helping companies achieve digital transformation. Sales in the enterprise software sector are often highly valued. This chart shows the average market revenue multiple and serves as a metric for assessing whether Progress Software's technology and growth premium is justified in the eyes of investors.
Future P/S of the company, segment and market as a whole
Future (projected) P/S of the company Progress Software
Progress Software provides tools for developing, deploying, and managing business applications. This chart evaluates the company based on its future revenue, a key indicator for a software developer. It reflects investors' confidence in Progress's ability to retain customers, sell new products, and adapt to technological trends in software development.
Future (projected) P/S of the market segment - Soft internet
Progress Software provides tools for developing and deploying mission-critical business applications. This chart shows how the market perceives the company's future revenue potential compared to other software developers. This comparison helps understand whether investors believe in Progress's ability to retain its loyal developer base and successfully integrate acquired technologies.
Future (projected) P/S of the market as a whole
Progress Software provides tools for developing mission-critical business applications. Overall revenue growth in the economy, as anticipated by this chart, is impossible without digitalization. The company's products are at the core of this process, enabling other companies to create and maintain their revenues.
Sales of the company, segment and market as a whole
Company sales Progress Software
This chart shows the revenue of Progress Software, a developer of tools for creating and deploying business applications. Revenue is generated through the sale of licenses and subscriptions for its software products. The growth of this metric demonstrates the strong demand from developers and companies for reliable solutions for modernizing their IT infrastructure.
Sales of companies in the market segment - Soft internet
Progress Software equips developers with tools to build and deploy mission-critical business applications. This chart shows how revenue is divided among key product lines, such as OpenEdge, Chef, and MarkLogic. This reveals which technologies are cash cows and which are areas for future growth for the company.
Overall market sales
Progress Software offers tools for developing and deploying business applications. The company's success depends on businesses' willingness to invest in digital technologies to improve efficiency. This graph of overall economic activity is an indicator of this readiness: during periods of growth, companies invest more actively in IT solutions offered by Progress Software.
Future sales volume of the company, segment and market as a whole
Future (projected) sales of the company Progress Software
Progress Software provides tools for developing, deploying, and managing business applications. The company's growth depends on demand for its products from developers and corporate IT departments. This chart shows analyst consensus forecasts for future revenue, reflecting their assessment of the competitiveness of Progress's software solutions and trends in software development.
Future (projected) sales of companies in the market segment - Soft internet
Progress Software offers tools for developing, deploying, and managing business applications. This chart illustrates the revenue forecast for the entire enterprise software industry. Is digital transformation expected to accelerate and IT budgets to grow? This determines how favorable the overall market environment is for Progress.
Future (projected) sales of the market as a whole
Progress Software offers tools for developing and deploying business applications. This graph, which reflects business activity forecasts, is important to the company, as it influences its clients' IT budgets. During economic growth, companies are more willing to invest in digital transformation, which directly drives Progress products.
Marginality of the company, segment and market as a whole
Company marginality Progress Software
Progress Software offers tools for developing and deploying business applications. This chart shows how successfully the company monetizes its software products. Its profitability is determined by its ability to retain corporate clients through software reliability and technical support, converting license fees and subscriptions into stable net profit.
Market segment marginality - Soft internet
Progress Software provides tools for developing and deploying business applications. The company pursues a strategy of acquiring mature software businesses and optimizing them to increase profitability. This metric demonstrates how a disciplined approach to mergers and acquisitions and a focus on cash flow generation impact its operational efficiency.
Market marginality as a whole
Progress Software offers tools for developing and deploying business applications, the demand for which correlates with business activity. The dynamics of overall market profitability in this graph demonstrates how willing companies are to invest in IT innovation. During periods of increased profitability, businesses are more active in updating their software, which drives growth for Progress.
Employees in the company, segment and market as a whole
Number of employees in the company Progress Software
Progress Software provides tools for developing and deploying business applications. The company's key asset is its engineers and developers. The dynamics in this chart reflect investments in new products and technologies. Team growth often precedes the release of updates or the acquisition of other tech startups to strengthen its market position.
Share of the company's employees Progress Software within the market segment - Soft internet
Progress Software creates tools for developing and deploying business applications. The company's success is built on the talent of talented programmers, support engineers, and sales specialists. This chart shows the percentage of enterprise software development talent that Progress attracts, an indicator of its competitiveness in the technology talent market.
Number of employees in the market segment - Soft internet
Progress Software offers tools for developing, deploying, and managing business applications. The employment dynamics in the software industry, visible in the graph, demonstrate the pace of digital business transformation. For Progress, growth in this segment means increased demand for its solutions for modernizing its clients' IT infrastructure.
Number of employees in the market as a whole
Progress Software creates tools for developing and deploying business applications. While this chart reflects the overall picture, Progress's talent trends highlight the demand for digitalization in the corporate sector. When companies hire developers, they demand Progress products, which drives the growth of its team.
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 Progress Software (PRGS)
Progress Software develops software for creating and deploying business applications. This chart demonstrates the value of their intellectual property. Their products, created by a team of engineers, are used by thousands of companies. Their high capitalization per employee is a result of the scalability of their software business and a stable customer base.
Market capitalization per employee (in thousands of dollars) in the market segment - Soft internet
Progress Software (PRGS) owns a portfolio of software for developing, deploying, and managing business applications (e.g., OpenEdge, Sitefinity) and IT infrastructure (MoveIt). This chart shows the average market capitalization per employee in the sector. It helps assess how the market values ββtheir "sticky" (deeply integrated) software products and M&A strategy per engineer.
Market capitalization per employee (in thousands of dollars) for the overall market
Progress Software develops tools for creating and deploying business applications. Like many IT companies, its value is determined by its intellectual property. The graph demonstrates that a small team of highly skilled developers is capable of creating products used by thousands of companies worldwide, resulting in a huge market value per employee.
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 Progress Software (PRGS)
Progress Software provides tools for developing and deploying business applications. It's a classic B2B model with a high level of R&D. This chart demonstrates how successfully the company transforms the intellectual labor of its programmers into a scalable product. High return on investment per employee is a sign of a strong software portfolio and a loyal customer base.
Profit per employee (in thousands of dollars) in the market segment - Soft internet
Progress Software (PRGS) is a holding company that acquires legacy enterprise software. This chart shows the benchmark for internet software. The average profit per employee in this sector (B2B SaaS) is high. This benchmark reflects the product's stickiness: the sector milks old but loyal customers, generating stable, high-margin revenue.
Profit per employee (in thousands of dollars) for the market as a whole
Progress Software owns a portfolio of software for developing and deploying business applications (OpenEdge, Telerik). It is a B2B software business growing through M&A. This chart shows how successfully the company integrates acquired assets and generates stable, high-margin revenue from licenses and subscriptions based on its engineering and sales staff.
Sales to employees of the company, segment and market as a whole
Sales per company employee Progress Software (PRGS)
Progress Software creates tools for developing and deploying business applications. This chart is an excellent indicator of the scalability of its business model. The growth in revenue per employee shows that the company is successfully selling its software products to a wide range of customers, and its revenue is growing faster than its personnel costs.
Sales per employee in the market segment - Soft internet
Progress Software provides tools for developing and deploying business applications. It's a B2B business, where revenue comes from R&D (product creation) and sales (licenses, subscriptions). This metric helps understand how effectively the company monetizes its intellectual capital. A sector comparison shows how productive their engineers and salespeople are compared to their competitors.
Sales per employee for the market as a whole
Progress Software provides tools for developing and deploying business applications. It's a classic B2B model. The company invests in R&D to create a product that can then be sold to thousands of customers. This chart shows how scalable their business is: whether revenue is growing faster than the number of engineers and salespeople.
Short shares by company, segment and market as a whole
Shares shorted by company Progress Software (PRGS)
Progress Software (PRGS) offers tools for developing and deploying business applications. The company operates in a highly competitive IT environment. This chart shows how much stock investors have borrowed to sell, anticipating a decline. Bears may be betting that the company's products are losing ground to more modern cloud solutions or that its growth is slowing due to market saturation.
Shares shorted by market segment - Soft internet
Progress Software (PRGS) provides tools for developing and deploying business applications. This metric measures the overall bearish bets on the infrastructure software sector. It illustrates whether the market expects a slowdown in IT spending or sees increased competition, which could put pressure on the entire segment, including Progress.
Shares shorted by the overall market
Progress Software (PRGS) is a mature IT company (development and management software). This Short_All chart shows market pessimism. When it rises due to recession fears, it forces companies (PRGS clients) to freeze their IT budgets. This fear puts pressure on PRGS sales, even on their "sticky" products.
RSI 14 indicator for a company, segment, and market as a whole
The company's RSI 14 indicator Progress Software (PRGS)
Progress Software owns a portfolio of software for application development and management. Growth is achieved through M&A and debt. A chart above 70 may reflect successful integration or stable demand. A chart below 30 is often associated with concerns about a slowdown in IT spending or integration/debt issues.
RSI 14 Market Segment - Soft internet
Progress Software (PRGS) is a "gobbler" of old but "sticky" software. They acquire B2B software (like Chef and Telerik), which is difficult to replace. RSI_14_Seg for "Soft Internet" (software) shows whether the sector is overheated. This helps us understand whether PRGS's growth is due to their M&A model or the general hype in B2B SaaS.
RSI 14 for the overall market
Progress Software (PRGS) owns a portfolio of "old" but critical business software. This chart shows that its business is "sticky." In the euphoria of its market, investors ignore it. In panic, its clients can't "turn off" its software, as it underpins their businesses, providing PRGS with the stable cash flow that investors value.
Analyst consensus forecast for the company's share price, the segment, and the market as a whole
Analyst consensus stock price forecast PRGS (Progress Software)
Progress Software offers tools for developing and deploying business applications. The company grows through strategic acquisitions, integrating new technologies into its portfolio. This chart shows the average analyst forecast, which takes into account subscription revenue growth rates, the successful integration of acquired companies, and cash flow stability.
The difference between the consensus estimate and the actual stock price PRGS (Progress Software)
Progress Software is a B2B company with a portfolio of infrastructure software for developers and IT departments (e.g., OpenEdge, Sitefinity). Their strategy is M&A (acquisition and optimization) of mature B2B brands. This chart shows how confident analysts are in their acquisition-driven growth model and the stability of their subscription revenue.
Analyst consensus forecast for stock prices by market segment - Soft internet
Progress Software is a provider of infrastructure software used by companies to develop and deploy their business applications. It's a quiet player with a loyal customer base. This chart shows analysts' general expectations for the internet software sector. It reflects whether experts believe demand for development tools will remain stable.
Analysts' consensus forecast for the overall market share price
Progress Software is a company with a portfolio of deeply integrated enterprise software, including development tools and the MOVEit file transfer platform. Their business is focused on sticky products. This chart shows the overall market sentiment. For Progress, whose revenue largely relies on supporting legacy but critical systems, these expectations impact new sales, but the base is stable. (349)
AKIMA index of the company, segment and market as a whole
AKiMA Company Index Progress Software
Progress Software is a B2B software holding company with a portfolio of workhorse application development and management solutions. Their model isn't hyper-growth, but high customer stickiness and cash flow generation (M&A). This chart is a summary indicator of their stability. It measures the regularity of their subscription revenue and their ability to successfully integrate acquired assets.
AKIMA Market Segment Index - Soft internet
Progress is a stable software holding company; the company owns a portfolio of legacy but critical (B2B) tools (OpenEdge, Chef) and grows by acquiring other legacy companies. This aggregate metric evaluates companies. The graph shows the average value for the software segment. This benchmark: how does this M&A model (cash flow acquisition) differentiate Progress from the average competitor?
The AKIM Index for the overall market
Progress Software is a provider of infrastructure software for developing and deploying business applications. The company is growing through an aggressive M&A strategy, acquiring mature software assets. This chart, showing the market average, provides context. It helps assess how this cash flow consolidation strategy compares to overall macroeconomic trends.