Ambling Along in 2020

The U.S. economy has made it out of a volatile year relatively unscathed, based on data we’ve seen. Gross domestic product (GDP) grew an average of 2.4% in the first three quarters of 2019, higher than the 2.3% average quarterly growth in this 10-year economic expansion [Figure 2]. Output growth was helped by strong consumer spending, an uptick in government spending, and improved housing demand. Businesses held onto their cash, capital expenditures (capex) growth stalled, and non-residential investment dragged on secondand third-quarter GDP.

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