I mean, if you just look at the number chemical companies that have reduced their forecast for the year, just recently, double-digits, there’s a lot of concern there in terms of that customer base, particularly when it comes to Europe. So that maybe gives you more of a geographic overview. If we kind of break it down by business area. Maybe I’ll just kind of do the walk throughs so everybody kind of has that too. And of course, there’s some overlap here because China is influencing some of these numbers, but I’m just going to kind of go through it. So, we have — we’re looking at Lab down mid single digit in the third quarter and down low single digit for the full year. We’re looking at core industrial down, low single digit and up low single digit for the full year.
And similarly, products inspection down low single digit for Q3, up low single digit for the full year. And then, our retail business is actually doing quite well, very good project activity. We continue to see that — expect that in the second half. We expect that to be up high-teens in the quarter for Q3 and also for the full year.
Derik de Bruin: Great. Thanks Shawn. That was really detailed. Appreciate it.
Shawn Vadala: Yeah. Yeah. Thanks Derik.
Operator: Your next question comes from Patrick Donnelly with Citigroup. Your line is open.
Patrick Donnelly: Hey, guys. Thanks for taking the questions. Patrick, I guess, when you kind of look at these various headwinds you’ve called out and you kind of assessed them, you talked a little bit, I think, in the prior question about trying to figure out what could linger into 2024. I guess, when you kind of step back, which do you see being more temporary or transitory versus issues where you look and you’re kind of doing these cost controls that you look out and say, maybe this could linger into 2024. If you can just kind of bracket it up for us and try to help frame that view would be helpful.
Patrick Kaltenbach: Sure. Absolutely. Look, I mean, of course, it’s too early to make a forecast for 2024. Right now, we will do this in our next earnings call when we report our Q3 and look at Q4. But to say what is transitory right now. I mean, we have — I would say the easier thing to capture for us is what we have seen on the pipette side. The destocking of pipette. We anticipate that it is normalizing. Again, the consumption of pipette probably to pre-COVID levels in the second half. We see that uptick happening slowly, but steadily. That is normalizing. When it comes to the rest of the industry, it’s, of course, very hard to predict to say how is the economy continuing to evolve from here? How long will pharma and biopharma be under pressure and also will the rest of the economy, the Shawn also outlined, the chemical industry suffer from this economic downturn that we are seeing.
The elongated time that PMIs are under pressure. It just leads us to — right now, we look at the second half and say — this is probably a good forecast for us, given the information we have. It’s, of course, a significant downturn. But will it — when it will turn, will it be early 2024, mid-2024, I think that’s too early to call. You may call there, frankly. I mean, we have pockets where we see really still very good momentum as we count on that. They continue to grow. If we take what call the hot segments like the battery segment, for example, is performing extremely well, driving good growth almost across all of our businesses. We’ve emphasized on some of the Lab businesses like analytical is performing well. We still see pockets of good momentum in industrial automation.
