As soon as we see 'state of the economy' we know we must consider:
(Changes in)
Interest rates
Exchange rates
Tax levels
Government spending
as well as:
(levels of)
Economic growth
Unemployment/employment (as both may rise)
Balance of Payments
Inflation
Clearly the global economy will also have an effect
It also depends which industry we are considering...and where/who the market is
Plus the role of expectations
