A Tale of Two Economies

It’s been a tale of two economies in 2019. U.S. consumers are spending at a solid rate, which we expect to continue through the important holiday shopping season that is rapidly approaching. U.S. businesses, on the other hand, are not opening up their wallets, and capital expenditures (capex) growth has stalled. Consumer sentiment has remained elevated through most of this year, while gauges of business and chief-executive officer confidence have declined to three-year lows.

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