Still trying to connect the dots and it's still not connecting/Overseas data

So many earnings calls to go through, so little time. And I'm still having a difficult time connecting the dots with what I'm hearing on these earnings calls and what I read in the Fed's Beige Book with the current estimates for Q3 GDP growth of around 3%. 

From Dow:

These comments about their business in Europe was most interesting but I guess not surprising, "current market dynamics are impacting Europe, including continued soft demand, coupled with a persistent lack of long-term regulatory policies. This ongoing absence of clear, consistent, and competitive regulatory policy in Europe has resulted in many challenges for our industry. These challenges have been acknowledged in statements by EU government leaders, top economists, and our peers. And while a demand recovery in other parts of the world is expected to provide swift upside across the markets we serve, this alone is unlikely to be enough in Europe. Given these dynamics, we've begun a strategic revie of select European assets, primarily those in our polyurethanes business."

The overall macro view, "We continue to experience muted demand across some end markets and regions with the greatest pressure in Europe and China. Global manufacturing PMI's have been decelerating over the past three months and consumer spending remains pressured by persistent inflation. That said, we're monitoring the impact of rate cuts in the US and Europe, as well as recent stimulus plans in China to boost economic activity, which could provide some positive momentum for 2025."

From MSC Industrial, a distributor of many things into the US industrial/manufacturing customer:

"During fiscal '24, we faced a deteriorating environment in particularly our metalworking and heavy manufacturing end-markets, and compounded that softness with execution challenges in the technology area. Since our last call, I've been encouraged to see how our team has rallied despite further softening in the macro."

"Looking ahead to fiscal 2025, the year begins with a continuation of the challenging outlook we faced in fiscal 2024. Conditions remain soft, as evidenced by IP readings, particularly for our top manufacturing end markets, the majority of which are contracting. Automotive and heavy truck, primary metals, fabricated metals and machinery and equipment are all weak."

Some more, "Aerospace remains positive in the quarter, but forward looking expectations have been tempered due in part to the recent strikes in the sector."

From Mohawk Industries, the maker of flooring products like carpet, tile and wood: