Slowing economic growth is no longer a forecast, it is a fact. Growth in the second quarter slowed to 2.3% year-over-year after averaging 2.9% in 2018.
Moreover, recent data suggest growth will decelerate further in the third quarter to a more trend-like 2% pace.
However, the U.S. economy is walking a tightrope. On one end, rising political uncertainty has caused business confidence to weaken, which may in turn slow hiring decisions; on the other, the cyclical sectors of the economy are relatively stable.