Unlikely - companies that learned from the last recession are hoarding cash to cushion against this. (I respect Krugman even though in 1998 he predicted: “By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.”)
2. Sure things could turn south if oil prices rise or China and Mexico trade disputes overheat but for now US companies continue to hire at a robust pace and wages are rising, including for lower-skilled workers, which should make Americans comfortable enough to keep spending.
3. Consumer spending (more importantly, consumer confidence) in Eurozone is also picking up, which bodes well for US companies and the US economy - though US companies now shoulder bigger responsibility in hiring more people in Europe to boost spending. https://www.fxstreet.com/news/eurozone-consumer-confidence-picked-up-to-a-seven-month-high-in-may-ing-201905212008 …
4. Europe has promised to spend more on defense which could be contributing to increased consumer confidence and consumer spending, however, it remains to be seen if that defense spending will be at sustainable levels. https://www.nytimes.com/2019/06/06/world/europe/us-defense-spending-nato.amp.html …
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