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Cary Street Partners 4Q 2014 Commentary

Perspective on 2014
The main story of 2014 was the divergent performance across advanced economies. The United States grew at a healthy
clip (see chart 1) and labor market conditions rapidly improved. On the other hand, economic prospects flagged across
Europe, Japan and big Emerging Markets, a negative turn that presented fresh challenges to the relatively robust U.S.
economy that needed a dependable growth engine.

Cary Street Partners 4Q 2014 Economic Commentary