The global cool-down is likely to bottom out gradually. In the USA and the euro area, economic growth in the third quarter was similarly strong as in the previous quarter. Sentiment did not deteriorate further in these countries recently. Economic momentum in Austria has also remained intact to date, with the business activity continuing to grow by 0.2 percent in the third quarter. In the manufacturing sector, however, value added declined. Companies' assessments of the economy have recently stabilised somewhat, although expectations remain sceptical in the manufacturing sector. The recovery on the labour market has slowed since the beginning of the year. Inflation continues to ease.