Good GDP

19Q2 GDP came in at 2.1%, which, while a big decline from 3.1% in 19Q1, is in line with the 2.3% average over the entire record-breaking 121-month recovery we are enjoying. Business spending was negative, the first time since 16Q1, and exports declined due to trade tensions, slowing global growth and waning tax cut impacts. Importantly, consumer spending, by far the biggest driver of growth, is strong! The recovery continues.