US Macro 2025

Update on the ISM Outlook: Big Front Loading Effect, But no General Panic

How Will the US Manufacturing ISM React to Tariff Hikes?

Why a US Tariff Recession Could Resemble 1980

The Tariff Shock: Enough to Trigger a US Recession?

US Capex: Improvement in 2025 – Unless US Consumers Stumble

US Consumer Spending Slowdown

The End of the Chip Fab Boom

US Summary: Consumer Spending Slows Again

US Tariffs: Who Pays?

US Summary: Labor Market and Manufacturing Improvement