Based in Dublin, Ireland, Accenture is a global management consulting, technology services and outsourcing company. The two main lines of business are consulting and outsourcing. The company is also organized along five key industry verticals served, including Communications, Media & Technology; Financial Services; Products; Health & Public Service; and Resources. In FY23, approximately 47% of revenue was generated in the Americas, 33% in EMEA, and 20% in growth markets.

This week features the next read on inflation and the continuation of trade talks, this as the dates approach for tariffs on certain products and industries. The timing and details of those tariffs have brought volatility to Wall Street. Last week, the Dow Jones Industrial Average popped 1.2%, the S&P 500 rose 0.5%, and the Nasdaq eked out a 0.2% gain. Year to date, the DJIA has declined 1%, the S&P 500 is down 4%, and the Nasdaq has lost 8%. On the economic calendar, data on Consumer Confidence will be released on Tuesday. On Friday, fresh inflation data (by way of the Personal Consumption Expenditures Price Index, or PCE) will hit the tape. Headline PCE was 2.5% in January and Core PCE was 2.6%. Argus expects a slight slowing in the February headline reading, to 2.4%, and forecasts no change in the core reading. Argus' Chief Economist Chris Graja's Economic Call of the Week is Consumer Confidence. Chris expects to see additional signs that consumers are concerned about the economy. He forecasts that the headline index will fall to 94 for March from 98.3 in February and offers the following thoughts. 'We always express caution about the usefulness of sentiment indicators when forecasting spending and U.S output. But this is an environment where it is better to have a plan than be 'uncertain,' and where venerable recession indicators including the Sahm Rule, an inverted yield curve (Treasury Bills yielding more than 10-year Treasury bonds), and even two negative quarters of GDP have not predicted a recession. We continue to evaluate a broad range of leading indicators, like sentiment, as well as coincident and even lagging indicators. We focus on the 'Three Ds' that are often cited by the National Bureau of Economic Research: the Diffusion, or range of signals across categories and industries; the Depth of any weakness; and the persistence or Duration of signals. In February, the Conference Board noted that its Expectations Index dropped 9.3 points to 72.9, which was below the threshold of 80 that 'usually signals a recession ahead.' Another recession rule of thumb -- for Expectations to drop more than 50 points from the recent peak -- is more stringent and would trigger below 43.7. A level of 100 corresponds to a base year of 1985. Again, our analysis isn't about one indicator but the Diffusion, Depth, and Duration of signals.' Last week, Chris' call was the Federal Reserve Bank of St. Louis' Financial Stress Index. The data came in as Chris predicted, rising slightly but remaining below zero -- signaling a continuation of below-average stress in the financial markets. On the earnings calendar: KB Homes reports on Monday; McCormick & Co. on Tuesday; Dollar Tree on Wednesday; Lululemon Athletica on Thursday. The next earnings season starts unofficially on Friday, April 11, with several of the country's biggest banks reporting. Meanwhile, the Atlanta Fed GDPNow measure now forecasts a decline of 1.8% for 1Q, signally contraction. As of mid-February, it had signaled expansion of 2.3%. The Cleveland Fed Inflation Nowcast forecasts a 2.5% CPI rate for March, lower than the February print. Mortgage rates edged up 2 basis points last week, with the average 30-year fixed-rate mortgage now at 6.67%, according to FreddieMac. Gas prices dropped a penny, to an average of $3.06 per gallon for regular gas. Looking ahead, the next Fed's rate decision is on May 7, with odds at 14% for a rate cut, according to the CME FedWatch rate tool. After that, the next meeting is on June 18, when odds for a cut in rates jump to 88%. We continue to forecast two rate cuts in 2025, both by 25 basis points and both in the back part of the year.

Accenture is a leading global IT services firm that provides consulting, strategy, and technology and operational services. These services run the gamut from aiding enterprises with digital transformation to procurement services to software system integration. The company provides its IT offerings to a variety of sectors, including communications, media and technology, financial services, health and public services, consumer products, and resources. Accenture employs just under 500,000 people throughout 200 cities in 51 countries.

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