• While we wait to see if the US-China agree to a “Phase One” trade deal, early data for Q4 continue to show a slowing in growth.
• Household spending is still growing (but more slowly) and, while housing investment is improving, business investment is under pressure.
• Trade disputes have been weighing on activity and while a trade deal would boost sentiment, it is unclear whether it would remove the uncertainty that has been leading US businesses to reduce investment.

Find out more NAB’s US Economic Update – November 2019