“Normalizing” is a strong contender for corporate buzzword of the summer earnings season. And while it’s tempting to be cynical and say that the CEOs and CFOs using it are trying to massage down the expectations of analysts and investors, it’s a better bet to stick to its true meaning. The economy looks to be settling into a period of more normal growth, but growth nonetheless.

Companies are well equipped to deal with that. As RBC Capital Markets’ Lori Calvasina said on Bloomberg on Aug. 5, the Monday after July’s employment report had spooked the market: “What we’re seeing in that jobs data is not really syncing up with what we’re hearing from companies right now.”

Executive teams haven’t stopped paying attention to efficiency even as they’ve been investing in growth. It’s a juggling act and a grind they know well by now.

— Geert De Lombaerde