“we now think it's appropriate to assume that the cautious spending will continue through the remainder of the year.”

In context

“the Chinese economy. We had previously assumed that this momentum would continue through the rest of the year. However, as the second quarter progressed, economic activity in China significantly slowed, resulting in less customer activity in the quarter. We think this is appropriate to assume this condition remains in place for the remainder of the year. With regards to customer spending patterns more broadly, in Q2 customers in our end markets began the year with somewhat cautious spending. And this is something that was not confined to our end markets, companies across most business segments were cautious with their spending given the uncertain macro conditions. This dynamic became more challenging in Q2. We previously assumed that this would lessen an impact as the year progressed, and we now think it's appropriate to assume that the cautious spending will continue through the remainder of the year. With strong commercial execution from our team, we expect to successfully navigate these macro dynamics and deliver 2% to 4% Core organic revenue growth for the year. And for context, as Marc mentioned, with the changes in the macro, we're now assuming Core market growth for our industry to be in the range of 0% to 2% for 2023, through reduction of approximately 4 percentage points versus the 4% to 6% assumed previously for market growth. When I think about the range of outcomes for the full-year, Core organic revenue growth, the largest swing factor is the extent of the budget flush at the end of the year. Should that be weaker than normal, then Core organic revenue growth would round down to 2%, and if stronger, it could round up to 4% for the year. And if China gets traction stimulatin”