Recent data show a slowing economy, but no recession. Russ discusses how to position a portfolio in this environment.
Despite the recent weakening in U.S. survey data, a recession is not imminent; a slowdown is. The September ISM surveys, both manufacturing and non-manufacturing, sent a clear signal: the economy continues to decelerate.
The question for investors now is how to best protect their portfolios.
The slowdown is not just evident in the economic data, but also in expectations, both explicit and implicit. Since the peak last November, economist expectations for 2020 GDP have fallen by