The U.S. earnings season is over bar a handful of firms. It has been robust to say the least: Thomson Reuters Proprietary Research calculates that S&P 500 companies overall had second-quarter earnings growth of 38.4 percent. That was 11 percentage points higher than people had been expecting heading into the season.
At this time, the estimated growth rate for the third quarter 2008 stands at 0.8%. On April 1, the estimated growth rate for third quarter 2008 was 17.3%. On July 1, the estimated growth rate was 12.6%.