On top of this, inflation isn't a worry at this stage at all, despite the steady drop in the unemployment rate, as this morning's April CPI numbers show. Total earnings for these index members are up +2.1% on -3.4% lower revenues, with 65.2% beating EPS estimates and only 44.4% coming ahead of top-line expectations. But even that will be dependent on how the economy's trajectory turns out in the coming months.