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Takeaway: The top-line performance of Starbucks ($SBUX) is highly levered to the strength of the US economy.

Starbucks releases its earnings tomorrow, and our Restaurant sector research team expects the company to report a shortfall versus both sales and earnings estimates for the quarter.

As the chart below suggests, Starbucks sales are highly levered to employment and the overall health of the economy. Industrial production is a good proxy for the overall health of the US economy.

Starbucks As a Macro Play? - star