The global Q2 2024 results season for rated nonfinancial corporates is nearly halfway through. The slow recovery from last year’s earnings downturn continues. Measured at an annual rate, global sales for companies rated by S&P Global Ratings that report quarterly are essentially flat (-0.1%) and EBITDA up 2.0%. From results so far, it’s difficult to point to any harbingers of a renewed broad-based deterioration. Earnings recovery continues albeit at a modest pace and with a clear reliance on North America and the consumer.