Welcome to the "not great, but stable" economy, according to Procter & Gamble.

Why it matters: With a wide range of consumer products such as Pampers diapers, Bounty paper towels and Head & Shoulders shampoo, P&G has unique insights into the state of the American consumer.

State of play: P&G Friday reported better-than-expected quarterly sales, powered by a 4% increase in organic volume for its beauty category, which includes products like Old Spice deodorant and Gillette razors. • But the company also reported a 2% organic volume decline in its health care category, which includes the Vicks and Pepto Bismol brands, and a 2% decline in its fabric and home care segment, which includes the Tide and Gain laundry brands. • "The consumer environment is not great, but stable," CFO Andre Sc

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