Some top equity strategists predict no profit growth or even a decline in earnings. For the U.S. benchmark S&P 500, analysts project full-year 2023 profit growth of 4.7% following estimated growth of 5.7% for all of 2022, based on Refinitiv data. Jonathan Golub, chief U.S. equity strategist at Credit Suisse Securities in New York, recently lowered his profit forecast and expects a decline in year-over-year S&P 500 earnings in 2023. "Our analysis shows that both earnings and margins typically contract when global GDP (gross domestic product) growth ran below trend". Earnings breakdown by regionEarnings growth by global sectorBlackRock in its 2023 global outlook said earnings expectations are not yet pricing in a recession.

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