US GDP grew at a modest 1.9% in 19Q3, down from 2% in 19Q2 and 3.1% in 19Q1. As was the case in 19Q2, consumer spending led the way. Other areas of strength; federal, state and local government spending, and a small lift from housing. Unfortunately, business investment was weak, suffering its worst decline since 15Q4 and a back-to-back decline of greater that 1% for the first time since 2009!