While the US economy looks to be holding up reasonably well, having grown at an annualized rate of 1.9% in 19Q3, it can expect no help from abroad. The #2 global economy, China, slowed further in October with industrial output and fixed investment doing poorly. Global #3, Japan, eked out just 0.2% annualized growth in 19Q3, while the globe’s #4 economy, Germany, grew by a skimpy annualized rate of 0.3%.