Below is a chart and brief excerpt from today's Early Look written by US Macro Analyst Christian Drake. Click here to learn more.
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Most of yesterday’s headlines contextualized the data as solid. We’d take the other side of that. 3Q into 4Q19 represent some of the hardest base effects of the cycle and the moderately strong sequential (+64bps M/M) was not enough to effectively hurdle existing year-over-year comps. Indeed, against a harder RoC comp in August, the solid sequential gain was only enough to muster +0.34% Y/Y growth, marking the slowest pace of growth in 31-months. |
