Global Economic Update, Fourth Quarter 2019

Consumer confidence measures have been mixed amid heightened geopolitical noise. The global manufacturing slowdown has pulled that sub-set of the U.S. economy into contraction territory and threatens business investment. Key service-based readings have maintained resilient growth in the U.S. Currencies around the world have fallen versus the U.S. Dollar, with the "safe-haven" Japanese Yen being the notable exception. The U.S.-China relations induced periodic bouts of volatility, and the matter goes beyond unresolved trade/tariff issues. And the European economy continues to show signs of weakness.