US GDP growth slowed earlier in 2019 and is not expanding at around 2 percent. Looking forward, we expect growth the persist at this rate into 2020. The growth drivers next year are likely to change, however. Consumption should soften somewhat as labor market tightness moderates. Meanwhile, as business sentiment improves, investments in equipment and structures should strengthen. Finally, lower mortgage rates and rising housing starts are yielding an expansion in residential investment.