nd view additional economic research, please visit www.SPRatings.com/EconomicInsights. If you have any questions, please contact me or my colleague Satyam Panday, U.S. Economist, at 212-438-6099. Sincerely, Beth Ann Bovino U.S. Chief Economist Standard & Poor's Ratings Services 212-438-1652 Visit SPRati

atings.com/Economichtsights. U.S. Chief Economist Standard & Poor's Ratings Services If you have any questions, please contact me or my colleague Satyam Panday, U.S. Economist, at 212-438-6099. Sincerely, Beth Ann Bovino U.S. Chief Economist Standard & Poor's Ratings Services 212-438-1652 Visit SPRati

To access this week's full report and view additional economic research, please visit If you have any questions, please contact me or my colleague Satyam Panday, U.S. Economist, at 212-438-6099. Sincerely, Beth Ann Bovino U.S. Chief Economist Standard & Poor's Ratings Services 212-438-1652 Visit a fre

t and view additional economic research, please visit .SPRatings.com/EconomicInsights. If you have any questions, please contact me or my colleague Satyam Panday, U.S. Economist, at 212-438-6099. Sincerely, Beth Ann Bovino U.S. Chief Economist Standard & Poor's Ratings Services 212-438-1652 Visit SPRati

and view additional economic research, please visit www.SPRatings.com/EconomicInsights. If you have any questions, please contact me or my colleague Satyam Panday, U.S. Economist, at 212-438-6099. Sincerely, Beth Ann Bovino U.S. Chief Economist Standard & Poor's Ratings Services 212-438-1652 EFTA00357376