GURU.Markets stock price, segment price, and overall market index valuation
The company's share price Remitly Global Inc.
Remitly is a digital platform for international money transfers. Its stock price reflects the growth of global migration and the shift from traditional cash transfers to mobile ones. This chart tells the story of the fintech company's growth, competing with giants like Western Union.
Share prices of companies in the market segment - Payments
Remitly is a digital platform for international money transfers. We classify the company as part of the Payments sector, and the chart below reflects the overall dynamics of this market segment, driven by the growth of global migration.
Broad Market Index - GURU.Markets
Remitly Global is a fintech company specializing in international money transfers, enabling expats to send money home via a mobile app. As part of the GURU.Markets index, it represents the digital payments sector. The chart below represents the entire market. See how Remitly's stock compares to the overall trend.
Change in the price of a company, segment, and market as a whole per day
RELY - Daily change in the company's share price Remitly Global Inc.
The price fluctuations of Remitly, a money transfer service, reflect the dynamics of global migration and currency markets. Change_co demonstrates sensitivity to macroeconomic factors and competition in fintech. This metric is a key component in formulas on System.GURU.Markets that assess volatility in the international payments sector.
Daily change in the price of a set of shares in a market segment - Payments
Remitly Global, Inc. is a digital money transfer service. This chart demonstrates the high volatility of the fintech sector. Comparing it with RELY's migrant-focused performance helps assess its sensitivity to global economic and migration trends.
Daily change in the price of a broad market stock, index - GURU.Markets
Remitly is a leading digital platform for international money transfers. Its business operates at the intersection of finance and technology. The chart below shows the overall volatility of the tech sector, allowing us to assess how Remitly fits in with broader trends.
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 Remitly Global Inc.
Remitly is a fintech company and a leader in the international money transfer market. Its year-over-year growth reflects global migration flows and the shift from cash to digital transfers. The chart below tells the story of this rapidly growing business.
Annual dynamics of market capitalization of the market segment - Payments
Remitly Global, Inc. is a fintech company specializing in digital money transfers. Its platform makes it easy for immigrants to send money home. This chart shows how its rapid growth, focus on mobile technology, and competition in this huge but low-margin market are impacting its performance.
Annual dynamics of market capitalization of broad market stocks, index - GURU.Markets
Remitly, a digital money transfer service, is growing on the powerful wave of migration and digitalization. Its business is not dependent on economic cycles in the US, but is driven by people's need to send money home. The company's stock price is a reflection of a long-term social trend that is reshaping the traditional financial industry.
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 Remitly Global Inc.
The market capitalization of Remitly, a digital money transfer service, depends on global migration flows. The monthly fluctuations on the chart reflect the volumes of funds sent, which are sensitive to economic conditions in both sending and receiving countries.
Monthly dynamics of market capitalization of the market segment - Payments
Remitly is a digital bridge for millions of people sending money to their families abroad. The company simplifies international transfers, making them faster and cheaper. The dynamics of the payments sector, shown in the chart, reflect investors' belief in the global shift to digital finance, and Remitly is at the center of this trend.
Monthly dynamics of market capitalization of broad market stocks, index - GURU.Markets
Remitly is a digital platform for international money transfers. Transfer volumes depend on the economic activity of migrants, making the business relatively resilient to the cycles of developed countries. The chart below shows the general market trends against which Remitly can develop its unique dynamics.
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 Remitly Global Inc.
Remitly, a digital money transfer service, targets migrants sending money home. Its weekly stock price reflects global remittance volumes, migration flows, and competition from other fintech companies, serving as a barometer of economic ties between countries.
Weekly dynamics of market capitalization of the market segment - Payments
The digital money transfer sector, where Remitly operates, is benefiting from globalization and migration flows. The chart below shows the overall dynamics of this growing market. It allows you to compare how Remitly, which focuses on migrant remittances, competes with other fintech companies and traditional players.
Weekly dynamics of market capitalization of stocks of the broad market, index - GURU.Markets
Remitly Global is a digital money transfer service aimed at immigrants. Transfer volumes are stable and can even grow during a crisis. The chart will show how resilient this unique business is to general market downturns and how it operates according to its own laws, driven by migration flows.
Market capitalization of the company, segment and market as a whole
RELY - Market capitalization of the company Remitly Global Inc.
Remitly's market capitalization is a measure of investor valuation of its digital platform for international money transfers. The chart shows how much the market believes in its ability to capture market share from incumbents through convenience and low fees. This growth reflects global migration flows and the growing demand for fast and affordable transfers.
RELY - Share of the company's market capitalization Remitly Global Inc. within the market segment - Payments
Remitly Global, Inc. is rapidly gaining market share in digital money transfers, targeting immigrants sending money home. Its market capitalization reflects its growth thanks to lower fees and a user-friendly mobile app compared to traditional operators.
Market capitalization of the market segment - Payments
Below is a chart showing the total weight of the entire digital money transfer market. For Remitly, which helps immigrants send money home, this line illustrates the scale of global migration. The rising chart reflects the increasing volume of cross-border transfers and the market's shift from traditional offline services to convenient mobile apps.
Market capitalization of all companies included in a broad market index - GURU.Markets
Remitly is a digital money transfer service aimed at migrants. Its market capitalization is based on the value of convenient and affordable transactions for those supporting their families remotely. This is the share of fintech serving the global diaspora.
Book value capitalization of the company, segment and market as a whole
RELY - Book value capitalization of the company Remitly Global Inc.
Remitly Global helps people send money home, and its business requires a solid financial foundation. A company's book value is its capital and the technology platform that ensures the security and speed of transactions. This is its foundation of trust. How strong has this foundation been as the company has grown? The chart below shows the dynamics.
RELY - Share of the company's book capitalization Remitly Global Inc. within the market segment - Payments
Remitly Global, Inc. is a digital money transfer service, but its reliability is ensured by its physical infrastructure. These globally distributed data centers ensure the security and speed of billions of dollars in transactions. The chart shows the company's share of the physical IT infrastructure supporting the fintech payments sector.
Market segment balance sheet capitalization - Payments
Remitly is a digital money transfer service. Compared to the capital-intensive financial sector, it's asset-light. The industry's asset chart mirrors bank balance sheets. Remitly doesn't need bank capital. It needs an IT platform for fast and low-cost cross-border payments.
Book value of all companies included in the broad market index - GURU.Markets
Remitly Global simplifies money transfers, but its operations are built on real infrastructure. The company's book value is derived from its technology platform, global network of offices, and regulatory capital. The chart shows the material foundation that ensures the reliability and security of millions of transactions worldwide.
The ratio of market capitalization to book capitalization of a company, segment, and the market as a whole
Market capitalization to book capitalization ratio - Remitly Global Inc.
Remitly is a fintech platform. Its value lies not in its offices, but in its brand, trusted by millions of migrants, and its global payments network. The chart shows the premium the market pays for its leadership in the vast cross-border money transfer niche.
Market to book capitalization ratio in a market segment - Payments
Remitly is a digital platform for international money transfers aimed at immigrants. Its business is built on technology and user trust, not physical branches. The chart shows the market premium placed on its rapid growth and disruption of the traditional remittance market.
Market to book capitalization ratio for the market as a whole
Remitly Global is a digital platform for international money transfers aimed at expats sending money home. Its value lies in convenience, speed, and low fees, not physical branches. This chart shows the overall market valuation, but how do investors view a fintech company servicing global personal finance flows?
Debts of the company, segment and market as a whole
RELY - Company debts Remitly Global Inc.
For Remitly, a digital money transfer service, growth is a top priority. The company's financial strategy may include using debt capital for large-scale marketing campaigns, expanding into new markets, and managing the working capital needed to process millions of transactions worldwide.
Market segment debts - Payments
Remitly Global, Inc. is a fintech company specializing in international money transfers. Competing with traditional players and other startups requires significant investments in technology and marketing to attract customers. This chart shows how the company is funding its growth in the digital payments sector.
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 Remitly Global Inc.
Remitly Global is a digital company specializing in international money transfers. This chart reflects its financial structure during the growth phase. For a fintech company competing for market share with traditional players, capital management is essential for funding marketing, the technology platform, and regulatory compliance in various countries.
Market segment debt to market segment book capitalization - Payments
Money transfer services like Remitly operate in a highly competitive environment, requiring investment in technology and regulatory compliance. This chart shows the debt burden in the fintech sector. It helps understand how Remitly, which focuses on transfers for migrants, is funding its growth and competing with traditional banks and other startups.
Debt to book value of all companies in the market
This chart shows the average debt burden across the economy. Remitly, a fintech money transfer service, is aggressively investing to capture the market. A comparison with the broader market, which is rich in mature companies, shows how the "growth at any cost" strategy in the tech sector differs from the financial policies of traditional businesses.
P/E of the company, segment and market as a whole
P/E - Remitly Global Inc.
This chart for Remitly Global, a fintech company specializing in migrant remittances, shows how investors assess its growth potential. The high multiple reflects confidence in the remittance market's transition to online and the company's ability to capture market share from traditional players through convenience and low fees.
P/E of the market segment - Payments
Remitly's money transfer services represent a massive global market. This chart shows the average high valuation for fintech companies. It helps us understand the premium investors are paying for Remitly's focus on digital transfers for migrants and its potential to take market share from traditional brick-and-mortar players like Western Union.
P/E of the market as a whole
Remitly Global, Inc. is a fintech company providing a digital platform for international remittances, targeting expats sending money home. This chart reflects general trends in the digital payments space. It helps us understand whether RELY's valuation reflects the growth of the remittance market or whether it moves in sync with overall sentiment in the tech sector.
Future P/E of the company, segment and market as a whole
Future (projected) P/E of the company Remitly Global Inc.
Remitly Global is a digital platform for international money transfers, targeting immigrants sending money to their families. This chart reflects market expectations regarding the growth of global migration and the shift from cash to digital remittance channels. It demonstrates analysts' confidence in the company's ability to compete with traditional players through convenience and low fees.
Future (projected) P/E of the market segment - Payments
Remitly Global is a fintech company specializing in digital international money transfers. Its mission is to make sending money fast, accessible, and transparent. This chart shows how its future revenue expectations compare to the payments industry average, reflecting its growth in the vast money transfer market.
Future (projected) P/E of the market as a whole
Remitly Global is a digital platform for international money transfers aimed at migrants. Transfer volumes depend on the economic conditions in the countries where migrants work and in the countries to which they send money. This business is less cyclical than it seems and is supported by global migration flows.
Profit of the company, segment and market as a whole
Company profit Remitly Global Inc.
Remitly Global, Inc. is a digital money transfer service focused on immigrants sending money home. The company's revenue depends on transaction volume and transfer fees. This chart reflects the growing digitalization of the money transfer industry and Remitly's ability to compete with traditional players through convenience and lower fees.
Profit of companies in the market segment - Payments
Remitly Global is a fintech company specializing in international money transfers. Its service is aimed at expats sending money home, offering convenience and low fees. This chart shows the overall profitability of the payments sector, where digitalization and a focus on underserved audiences are creating new growth opportunities.
Overall market profit
Remitly Global is a digital money transfer service aimed at immigrants. Transfer volumes depend on the economic situation in both the sending and receiving countries. This chart, reflecting the health of the economies in developed countries, demonstrates the income stability of migrant workers using Remitly's services.
Future (predicted) profit of the company, segment and market as a whole
Future (projected) profit of the company Remitly Global Inc.
Remitly is a digital platform for international remittances that allows expats to send money home quickly, affordably, and securely. The company is disrupting the traditional market through technology. This chart summarizes analyst opinions on the future growth of the digital remittance market and Remitly's ability to grow its market share.
Future (predicted) profit of companies in the market segment - Payments
Remitly Global is a digital platform for international money transfers aimed at immigrants sending money to their families back home. The company's service offers lower fees and convenience compared to traditional providers. This chart shows profitability forecasts for the fintech and payments sector, helping to assess Remitly's potential in the vast money transfer market.
Future (predicted) profit of the market as a whole
Remitly Global is a digital platform for international money transfers. Its business thrives on global migration and the need for people to send money to their families. Transfer volumes depend on the state of labor markets in developed countries. This market profit forecast is an indirect indicator of the health of these economies and, consequently, the income of Remitly's clients.
P/S of the company, segment and market as a whole
P/S - Remitly Global Inc.
Remitly Global is a fintech company specializing in international money transfers. This chart shows how the market values ββits fee-based revenue. The high valuation reflects the growth of digital transfers and its focus on providing convenient services for immigrants.
P/S market segment - Payments
Remitly Global, Inc. is a fintech company providing digital money transfer services aimed at immigrants. This chart shows the average revenue estimate in the payments sector. It helps understand whether investors believe Remitly can capture market share from incumbents thanks to its user-friendly mobile app and lower fees.
P/S of the market as a whole
Remitly Global is a fintech company that allows immigrants to send money to their families back home via a mobile app, making the process simpler and cheaper than traditional methods. The company's revenue comes from transfer fees. This chart shows how the market values ββcompanies disrupting traditional financial services through technology and customer focus.
Future P/S of the company, segment and market as a whole
Future (projected) P/S of the company Remitly Global Inc.
Remitly Global is a digital platform for international money transfers aimed at expats sending money home. Its estimated future revenue, shown in the graph, is based on growth in transaction volumes. The company's success depends on its ability to offer lower fees and a more convenient service than traditional providers.
Future (projected) P/S of the market segment - Payments
Remitly Global is a digital platform for cross-border money transfers aimed at immigrants and their families. The company makes transfers easier, faster, and cheaper using mobile technology. This chart shows how investors view its approach to the international money transfer market compared to traditional players and other fintech companies.
Future (projected) P/S of the market as a whole
Remitly Global is a fintech company specializing in international money transfers, primarily for migrants. Its transaction volumes depend on the economic situation in both sending and receiving countries. This chart, reflecting global economic expectations, is an important indicator for Remitly. Economic growth in developed countries means increased income for migrants and, consequently, increased remittances.
Sales of the company, segment and market as a whole
Company sales Remitly Global Inc.
Remitly Global is a digital platform for international money transfers. This chart shows the company's revenue, which consists primarily of transaction fees and exchange rate differences. The growth here reflects the increasing number of immigrants and migrant workers sending money to their families back home, and their shift from traditional services to more convenient mobile apps.
Sales of companies in the market segment - Payments
Remitly Global, Inc. is a digital company providing financial services, primarily focused on international money transfers. Its business can be segmented by geographic remittance corridors (for example, from the US to Latin America). This chart shows revenue from one such route, reflecting the volume and dynamics of migrant remittance flows.
Overall market sales
Remitly Global, Inc. is a fintech company specializing in digital money transfers. Its services are primarily used by immigrants sending money to their families. Remitly's transfer volumes reflect not only global migration flows but also the economic health of both sending and receiving countries, serving as an important social and economic indicator.
Future sales volume of the company, segment and market as a whole
Future (projected) sales of the company Remitly Global Inc.
Remitly Global is a fintech company specializing in digital international money transfers. Its revenue forecast is directly dependent on the volume of transactions sent by migrants to their families. This reflects global migration flows and the ongoing shift from traditional cash transfers to more convenient and affordable digital channels.
Future (projected) sales of companies in the market segment - Payments
Remitly Global, Inc. is a fintech company specializing in digital cross-border money transfers. This chart shows revenue expectations for the payments services sector. It reflects analysts' views on the growth of cross-border transfers and the ongoing shift from cash to digital channels, which is driving the entire industry.
Future (projected) sales of the market as a whole
Remitly, a digital money transfer service, thrives when migrants find work and send money home. Its volumes are directly dependent on the labor market and economic activity in the countries where its clients operate. This chart of overall sales forecasts is an indicator of this economic activity.
Marginality of the company, segment and market as a whole
Company marginality Remitly Global Inc.
Remitly Global, Inc. is a digital platform for international money transfers aimed at expats sending money home. The company emphasizes the convenience of its mobile app and low fees. This chart shows the company's path to profitability, demonstrating how it converts billions of small transactions into operating income.
Market segment marginality - Payments
Remitly Global is a fintech company specializing in digital money transfers, primarily for expats sending money home. Their advantage is a user-friendly mobile app and lower fees compared to traditional operators. This chart shows how the technology platform and focus on a specific user segment impact business profitability.
Market marginality as a whole
Remitly Global, Inc. is a fintech company specializing in digital money transfers, facilitating the transfer of money by migrants to their home countries. The company's profitability depends on transaction volume and fees. This chart shows overall profitability, but for RELY, globalization and the growth of international migration create a strong foundation for long-term business growth.
Employees in the company, segment and market as a whole
Number of employees in the company Remitly Global Inc.
Remitly is a fintech company specializing in digital money transfers. This chart shows the rapid growth of its team. This rapid expansion is necessary for geographic expansion, customer support, and the development of technologies that make money transfers easier and cheaper for immigrants.
Share of the company's employees Remitly Global Inc. within the market segment - Payments
Remitly Global is a fintech company that facilitates international money transfers. Despite its digital interface, it requires a large team to ensure security, compliance, and customer support across dozens of countries. This chart illustrates its growing scale as a major employer in the global payments sector.
Number of employees in the market segment - Payments
Remitly Global is a fintech company specializing in international money transfers. This chart reflects employment in the payments industry. The growth of specialists in this sector, particularly in digital transfers, speaks to globalization and the need of migrants for convenient and affordable ways to send money home, which is at the core of Remitly's business model.
Number of employees in the market as a whole
Remitly Global, Inc. specializes in international money transfers. Their primary clientele are migrant workers sending money home. A strong labor market in developed countries, illustrated by this chart, means more job opportunities and, consequently, an increase in remittance volumes through the Remitly platform.
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 Remitly Global Inc. (RELY)
Remitly is a digital platform for international money transfers. Its advantage over traditional systems lies in its technology and low costs. The high cost per employee, visible in this chart, reflects the market's appreciation of its scalable platform. The company can process millions of transactions with a relatively small staff, which drives its value.
Market capitalization per employee (in thousands of dollars) in the market segment - Payments
Remitly (RELY) is a digital money transfer service competing with Western Union. It's an asset-light fintech model focused on scalability. This chart shows the market value per employee, testing its "light" technology model against its competitors' "heavy" physical networks.
Market capitalization per employee (in thousands of dollars) for the overall market
Remitly Global, Inc. is a fintech company specializing in digital money transfers, primarily for immigrants. Their platform replaces traditional, more expensive methods of sending money. The chart shows the high market valuation of this tech company, which effectively operates in the vast global remittance market.
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 Remitly Global Inc. (RELY)
Remitly Global is a fintech company specializing in digital money transfers. They enable immigrants to send money home through a mobile app. This chart is a test of their business model. It shows how efficiently their technology platform and marketing team can process millions of transactions, competing with traditional players like Western Union, which have fewer staff.
Profit per employee (in thousands of dollars) in the market segment - Payments
Remitly (RELY) is a "digital" fintech for "money transfers." This chart shows the benchmark for "Payments" (fintech). In this "asset-light" sector, the benchmark is moderate. It's a "B2C logistics" company for money. Profit per employee (engineer) is a balance between commissions (low margins) and high automation.
Profit per employee (in thousands of dollars) for the market as a whole
Remitly (RELY) is a fintech company specializing in digital money transfers. Their mobile app allows immigrants to send money home faster and cheaper than through traditional banks. This graph, showing average profit per employee, allows us to assess how much the fintech sector, where platforms and algorithms are more important than headcount, outperforms the "average" labor efficiency.
Sales to employees of the company, segment and market as a whole
Sales per company employee Remitly Global Inc. (RELY)
Remitly Global is a digital platform for international money transfers. This chart clearly demonstrates the advantages of the fintech model over traditional banks. High revenue per employee is achieved through low operating costs, process automation, and the ability to serve millions of clients online with a small team.
Sales per employee in the market segment - Payments
Remitly Global is a fintech company specializing in digital money transfers. They help immigrants send money home, competing with Western Union. This chart shows revenue per employee. The comparison with the payments industry shows how their mobile-first platform outperforms traditional brick-and-mortar models.
Sales per employee for the market as a whole
Remitly Global is a fintech company specializing in digital money transfers for immigrants. They compete with Western Union by offering a mobile app. It's a scalable IT platform. This chart is a key test of their model: it shows how much commission income (revenue from transfers) each employee generates, proving the superiority of their digital model over their physical one.
Short shares by company, segment and market as a whole
Shares shorted by company Remitly Global Inc. (RELY)
Remitly is a fintech service specializing in international money transfers for migrants. They compete with mammoths like Western Union by offering digital services. It's a growing market, but with low margins and high customer acquisition costs. This chart shows the number of skeptics who doubt Remitly can become profitable in this "war."
Shares shorted by market segment - Payments
Remitly Global (RELY) is a fintech company specializing in digital money transfers. They allow immigrants to send money home (for example, from the US to Mexico) faster and cheaper than traditional services. This chart shows the odds against the payments sector, reflecting concerns about a slowdown in migration flows or price wars in the remittance industry.
Shares shorted by the overall market
Remitly (RELY) is a fintech company specializing in migrant remittances. This Short_All chart shows fears of a recession. When it rises, this pessimism indicates an expected rise in unemployment. This hurts RELY's clients (migrants), who are the first to lose their jobs and reduce their remittances home.
RSI 14 indicator for a company, segment, and market as a whole
The company's RSI 14 indicator Remitly Global Inc. (RELY)
Remitly Global is a fintech company specializing in remittances. Its business depends on the volume of remittances from migrants. This chart shows a RELY above 70, which may reflect strong growth. A RELY below 30 is often associated with fears of a recession (which impacts migrants' incomes) or increased competition.
RSI 14 Market Segment - Payments
Remitly Global (RELY) is a fintech company focused on digital remittances for immigrants. The RSI_14_Seg for "Payments" measures the pulse of the entire fintech industry. The chart reveals: is RELY's growth a reflection of their market share gains from Western Union, or is the entire payments sector overheated by the general fintech hype?
RSI 14 for the overall market
Remitly (RELY) specializes in migrant remittances. This chart reflects the state of the global economy. During periods of euphoria, labor markets are strong, migrants find work and send money home. During periods of panic and recession, unemployment rises, and remittances, RELY's lifeblood, begin to decline.
Analyst consensus forecast for the company's share price, the segment, and the market as a whole
Analyst consensus stock price forecast RELY (Remitly Global Inc.)
Remitly Global facilitates international money transfers, focusing on expats sending money home. Their platform competes with traditional services on the basis of convenience and speed. This chart shows the average analyst forecast, assessing the balance between Remitly's high customer growth and margin pressure in the payments sector.
The difference between the consensus estimate and the actual stock price RELY (Remitly Global Inc.)
Remitly is a fintech company that has digitized the international remittances market and competes with established players like Western Union. This chart shows the difference between analysts' target price and the current price. It reflects whether experts believe in the growth of its digital corridor and whether they see potential for profitability.
Analyst consensus forecast for stock prices by market segment - Payments
Remitly is a fintech company focused on international money transfers, primarily for immigrants sending money home. It is a digital competitor to Western Union. This chart shows analysts' overall expectations for the entire payments sector. It reflects whether experts believe in the growth of digital transfers or see risks from competition.
Analysts' consensus forecast for the overall market share price
Remitly is a fintech platform focused on international money transfers. Their clients are primarily immigrants sending money to their families back home. This chart shows the overall market sentiment. For Remitly, whose business depends on the employment and income levels of migrants, these economic expectations (especially in the US and Europe) directly impact transfer volumes. (349)
AKIMA index of the company, segment and market as a whole
AKiMA Company Index Remitly Global Inc.
Remitly (RELY) is a fintech company focused on digital international money transfers. Their target audience is immigrants sending money home. They compete with Western Union by offering a more user-friendly mobile app. This chart is an indicator of the digitalization of remittances. It measures the growth of transaction volumes (Send Volume) and their ability to do so profitably in a low-margin market.
AKIMA Market Segment Index - Payments
Remitly is a digital fintech focused on remittances. The company helps immigrants send money home (US -> Mexico) cheaper and faster than Western Union. This aggregate metric evaluates fintech companies. The chart shows the sector average. This benchmark: how does RELY's digital (app-only) model differentiate it from the average competitor?
The AKIM Index for the overall market
Remitly is a fintech platform for cross-border remittances. Its clients are migrants sending money home. This chart, which reflects the market average, is a backdrop. It helps assess how Remitly, whose business is countercyclical (but dependent on employment), compares to the overall macroeconomic picture.