Recession ahead? By this metric, one’s already here: Earnings shrink and Wall St fears worse to come

By DAMIAN J. TROISE
AP Business Writer

NEW YORK (AP) — The latest round of corporate earnings is leaving Wall Street with a confounding sense of relief and lingering anxiety. Companies are in the midst of an “earnings recession,” meaning profits have contracted for two straight quarters, starting with a 4.6% drop at the end of 2022. Although profits fell less last quarter, the relief on Wall Street is being tempered by predictions of more pain ahead.