Despite improvement in Q4, US growth will be moderate in 2020

We expect US Real GDP growth to come in at 2.0 percent for Q4 over Q3 and annual growth for 2019 to be 2.3 percent. While this rate is lower than last year’s 2.9 percent growth rate, we do not believe growth will dip below 2.0 percent in 2020. The drivers of growth next year will likely be different from those seen this year. The growth contribution from real consumer spending will likely decline; however, we expect improvements in business sentiment to bolster capital formation. Furthermore, we believe that improvements in residential investment will also provide a boost.