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American CEOs are worried — so worried, in fact, that their spending is slumping at the fastest rate in a decade, according to a new report from analysts at Goldman Sachs.

The investment bank said that it expects cash spending on capital projects, research and development, mergers and acquisitions, buybacks and dividends to decline by 6% in 2019, the sharpest drop since 2009.

Cash spending for S&P 500 companies is forecast to rebound slightly in 2020, rising 2% to $2.7 trillion. In the meantime, uncertainty is driving executives to err on the side of caution.

The scene, per Goldman: "Companies spend less cash when policy uncertainty is high. During August, global economic policy uncertainty registered the highest level in at least 20 years ... The combination of the ongoing trade conflict and next year's US presidential election will likely result in lingering uncertainty."

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