What Earnings Calls are saying about the Economy 
Bloomberg Economics’ transcript-based indexes show two things rising in S&P 500 earnings calls:
- Growth optimism
- Inflation concern
The growth optimism index tracks how broadly industries are expressing expansion signals in earnings calls, such as guidance raises, record orders, or margin improvements.
The inflation concern index tracks the breadth of inflation-related discussion, including wage pressure, pricing power, consumer demand, and supply costs.
Both measures have moved higher into Q1 2026, suggesting companies are sounding more optimistic on growth while still talking more about inflation pressure.
