AI investment has been building and will be a bigger contributor next year and beyond. Data center build-out and client spending on AI are evidence.

This contributes to constructive outlook for next year, with growth expected to rise from ~2% this year to ~2.4% next year.

American consumer spending is up 4-4.5% year-over-year, consistent with a solid growing economy. Underlying wage growth continues despite labor market normalization.

Unemployment at 4.5-4.6% is a strong rate historically. The labor market is normalizing from extreme tightness, not signaling weakness.