The headline stories in the third quarter are focused on the continuing downgrade in growth expectations for both the domestic and global economies. While the economic growth outlook remains positive, the momentum of that growth shows meaningful signs of deterioration, particularly outside the U.S.
Popular surveys indicate a tale of two cities. On the bright side, global consumer sectors are continuing to exhibit rather positive trends. But global manufacturing appears to be facing significant softening, particularly in the Euro area and, more specifically, in Germany, which is a leading engine of growth in that part of the world.
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