That's not what we expected to see in a year when earnings growth would slow slightly, and we were seeing some of that slowing already.
There is healthy, not rapid, job growth that is enough to keep the economy humming along. That strong labor market has potentially inflationary pressures. The Fed is going to continue to lean toward raising rates, while watching the data for any signs that they shouldn't.
My expectation is the general trend of the next few quarters is for profit growth rates to come down, and it will start by having companies send out that message.