'This doesn't look like a slowing economy to me'

The US economy is rolling along.

In a note to clients following the market close on Thursday, Deutsche Bank economist Torsten Sløk, who has been notably bullish on the US economy over the last year, circulated a chart showing that when you look at R&D spending trends, the economy appears solid.

Sløk writes that the, “US expansion continues and R&D growth in the US is on a steady uptrend and at levels last seen in 2006 and in the late 1990s. Combined with GDP and jobless today and durable goods and consumer confidence earlier this week, this doesn’t look like a slowing economy to me.”

R&D spending is at the peaks seen during recent economic cycles.

Deutsche Bank

While GDP growth is stable.

FRED

Initial jobless claims remain near post-crisis lows.

FRED

While durable goods orders have rebounded after a decline related to the crash in oil rig count.

FRED

And for those still worrying about the impact of China's economy on the US, Sl√łk notes that exports to China account for less than 1% of US GDP.

Deutsche Bank

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