Is it mere restocking or true growth? One more upswing or a downshift on the way to a recession?

Kicking off the second half of 2024, it feels like those questions have become a lot more difficult to answer. Consumer-focused companies are responding to signs that spending is flagging and the past week’s revisions to the Atlanta Fed’s GDPNow have taken researchers’ Q2 forecast down more than a percentage point.

Is there enough momentum in long-term trends to support growth through 2025? We’ll be listening more intently than ever during the upcoming earnings season.

— Geert De Lombaerde