Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Joanne Wuensch - BMO Capital Markets
Joanne Wuensch - BMO Capital Markets
Just wanted to start with some more discussion around the tax rate, it was quite a bit lower then we thought it would be, I think I understand the reasons but how are you thinking about that going forward given that we’re still kind of in the same boat with the currency.
Robert Weiss
We have always seen that aside from discrete events that take place throughout the quarter we expect a range of 14% to 16%, ballpark 15% as a effective tax rate run rate. The accounting for taxes now on a quarter by quarter gets pretty jumpy for a variety of reasons with the new accounting.
Eugene made two or three comments that certainly impact it but keep in mind one of the heaviest weighting impacts would be the part of our business that really crashed in October was the US market. The US is of course a US tax payer and so there was a pretty drastic shift that being one of the reasons for the shift of profits between the US and the non-US component.
Eugene Midlock
We’re expecting a run rate next year for the year of 15% approximately but note as I mentioned its going to be lower in Q1 as well as Q4 of next year because of discrete items. Q2, Q3 should be higher but it will average out to that 15% range.
Hopefully things have stabilized and again the big impact was the US market just totally tanked. We did not obviously dial that in our forecast when we gave you the rates earlier.
Joanne Wuensch - BMO Capital Markets
Further to that we’ve talked about the contact lens market being pretty recession resistant can you talk a bit more about what you’ve seen in October and November and how and why maybe it tanked?
Robert Weiss
I used that term kind of liberally but we’ve always said the market is resistant and it really is when you compare it to a lot of what you see going out in the country today, the auto industry, real estate, all the others.
Having said that the US market in fact did decline 10% for the month of October, worldwide our revenue was down in constant currency 2% in October, worldwide our constant currency was down 2% in November.
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