Analysts at Rabobank note that, while the coincident and lagging indicators show that the U.S. economy is still going strong, the leading indicators suggest that the future looks less bright.

• "The un-inversion of the yield curve, strong employment growth, solid growth in consumer spending, the low unemployment rate and a possible US-China trade deal do not change our forecast that the US economy is heading for a recession next year.
• The arguments put forward to dispel our forecast of a recession reveal the absence of a coherent forecasting framework.
• Our forecasting framework points to a recession in the second half of 2020. This will also force the Fed to slash rates back to zero before the end of 2020."