The aggregate Common Equity Tier 1 ratio of significant institutions at the end of the second quarter of 2019 stood at 14.3%, unchanged from the end of 2018. At the same time, vulnerabilities related to liquidity and funding risks, including those related to US dollar activities, have abated amid lower funding costs and broader access to bank bond markets.
Key business surveys, for example, have suggested average performance compared with the past 20 years; the rate of unemployment has been little changed at what remains, by the standards of the past three decades at least, a reasonably low level. On the other hand, recent national accounts data suggest growth in the non-farm economy somewhat below trend over 2011.