S&P Earnings Growth Estimates Continue Downward Trend

Interesting post from the guys at Bespoke Investment Group that shows trends in S&P YOY growth estimates for the 4Q07, 1Q08, and 2Q08.

"On August 10th, Q4 growth estimates were 12.3%. Estimates are currently looking for growth of just 1.1%."

As the graph of 3Q07 earnings shows, part of the expectations of lower growth is likely due to uncertainty of further massive losses within financials, but interestingly, the 3Q07 growth stands at -2.5%. I'm trying to find what the consensus estimate was for the 3Q07 leading into earnings season, because I'm sure it wasn't a 2.5% decline.