Executive Briefings > United States
Recession fears resurfaced in early October with the ISM manufacturing and nonmanufacturing indices falling to their lowest levels since 2009 and 2016, respectively. Yet, while we expect industrial activity to remain downbeat in 2020, we believe economic fundamentals remain broadly supportive of this expansion. We foresee GDP growth averaging 2.2% in 2019 and slowing to 1.6% in 2020. The Fed will likely proceed with two additional 25bp rate cuts before the end of the year.
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