The Austrian economy continued to grow at a strong pace in the late summer of 2018, although the trend toward declining unemployment slowed. In the euro area, growth remains stable, albeit modest. The US economy has benefitted from expansive fiscal policy, posting particularly strong growth rates. Recent trade-policy signals have been stoking uncertainty. This, in combination with a sharp depreciation in emerging market currencies, has had a dampening effect on global trade, with potential knock-on effects for export-oriented industrialised economies.