");vwo_$('head').append(_vwo_sel);return vwo_$('head')[0] && vwo_$('head')[0].lastChild;})("HEAD")}}, R_940895_39_1_2_0:{ fn:function(log,nonce=''){return (function(x) {
try{
var ctx=vwo_$(x),el;
/*vwo_debug log("Revert","content",""); vwo_debug*/;
el=vwo_$('[vwo-element-id="1740425171461"]');
el.revertContentOp().remove();
} catch(e) {console.error(e)}
try{
var el,ctx=vwo_$(x);
/*vwo_debug log("Revert","addElement","body"); vwo_debug*/(el=vwo_$('[vwo-element-id="1740425171462"]')).remove();
} catch(e) {console.error(e)}
return vwo_$('head')[0] && vwo_$('head')[0].lastChild;})("head")}}, C_940895_39_1_2_0:{ fn:function(log,nonce=''){return (function(x) {
try{
var _vwo_sel = vwo_$("`);
!vwo_$("head").find('#1740425171461').length && vwo_$('head').append(_vwo_sel);}catch(e) {console.error(e)}
try{}catch(e) {console.error(e)}
try{const getCurrentDate = (d = new Date()) => d.toISOString().split('T')[0];
function vwoCustomEvent (labelValue) {
window.VWO = window.VWO || [];
VWO.event = VWO.event || function () {VWO.push(["event"].concat([].slice.call(arguments)))};
VWO.event("customEvent", { "label": labelValue.toString() });
}
class RadioButtonComponent {
constructor (element) {
this.radio = element.querySelector('input[type="radio"]');
this.label = element.querySelector('label');
}
get value () {
let value = this.radio.value;
if (Number.isNaN(parseFloat(value)))
return value;
if (parseFloat(value) % 1 == 0)
return parseInt(value);
return parseFloat(value);
}
set value (newValue) {
this.radio.value = newValue;
}
get text () {
return this.label.textContent;
}
set text (newText) {
if (this.label.querySelector('.form-required')) {
const labelTextNode = [...this.label.childNodes].filter(({ nodeType }) => nodeType === Node.TEXT_NODE)[0];
labelTextNode.nodeValue = newText;
} else {
this.label.textContent = newText;
}
}
get checked () {
return this.radio.checked;
}
set checked (bool) {
this.click(),
bool === true && this.radio.checked === true;
}
click () {
this.label.click();
}
select () {
this.click();
}
addEventListener (eventType, callbackFunction) {
switch (eventType) {
case 'click':
this.label.addEventListener(eventType, callbackFunction);
case 'change':
default:
this.radio.addEventListener(eventType, callbackFunction);
}
}
}
class TextFieldComponent {
constructor (element) {
this.input = element.querySelector('input[type="text"]');
this.label = element.querySelector('label');
}
get value () {
return this.input.value;
}
set value (newValue) {
this.input.dispatchEvent(new Event('focus'));
this.input.value = newValue;
this.input.dispatchEvent(new Event('keyup'));
this.input.dispatchEvent(new Event('change'));
this.input.dispatchEvent(new Event('blur'));
}
get text () {
return this.input.placeholder;
}
set text (newText) {
this.input.placeholder = newText;
}
addEventListener (eventType, callbackFunction) {
this.input.addEventListener(eventType, callbackFunction);
}
}
class GiftArrayButton extends RadioButtonComponent {
constructor (element) {
super(element);
}
get amount () {
return this.value;
}
set amount (newAmount) {
if (Number.isNaN(parseInt(newAmount)) || parseInt(newAmount) <= 0)
throw new Error("New amount must be a valid number greater than 0.");
newAmount = parseInt(newAmount);
this.text = '$' + newAmount;
this.value = newAmount;
}
}
class GiftArrayOtherAmount extends TextFieldComponent {
constructor (element) {
super(element);
}
get amount () {
return parseFloat(this.value);
}
set amount (newAmount) {
if (Number.isNaN(parseInt(newAmount)) || parseInt(newAmount) <= 0)
throw new Error("New amount must be a valid number greater than 0.");
newAmount = parseFloat(newAmount);
this.value = newAmount;
this.input.dispatchEvent(new Event('updateSummary'));
}
}
class GiftArray extends Array {
constructor (items) {
if (!Array.isArray(items) && items.length === 0) {
throw new Error("GiftArray: Arugment 1 is not an instance of Array with a length greater than 0:" + items.join(', '));
}
if (items.every((item) => item instanceof GiftArrayButton || item instanceof GiftArrayOtherAmount)) {
if (items.find((item) => item instanceof GiftArrayOtherAmount)) {
let temp = items.find((item) => item instanceof GiftArrayOtherAmount);
items = items.filter((item) => item instanceof GiftArrayButton);
items.push(temp);
}
} else if (items.every((item) => item instanceof HTMLElement)) {
items = items.map((item) => item.matches(".webform-component-textfield") ? new GiftArrayOtherAmount(item) : new GiftArrayButton(item));
} else {
throw new Error("GiftArray: Arugment 1 is not of type HTMLElement, HTMLElement[], or GiftArrayButton|GiftArrayButton[]:" + items.join(', '));
}
super(...items);
this.Buttons = items.filter((item) => item instanceof GiftArrayButton);
this.OtherAmountInput = items.find((item) => item instanceof GiftArrayOtherAmount);
}
get amount () {
const activeButton = this.Buttons.find((item) => item.checked);
if (activeButton.value === "other") {
const otherButton = activeButton;
if (!otherButton) {
throw new Error("GiftArray.amount: Other Button was not defined.");
}
otherButton.click();
return this.OtherAmountInput.value;
} else {
return activeButton.value;
}
}
set amount (newAmount) {
if (Number.isNaN(parseInt(newAmount)) || parseInt(newAmount) <= 0)
throw new Error("New amount must be a valid number greater than 0.");
newAmount = parseFloat(newAmount);
const matchingButton = this.find((item) => item.value === newAmount);
if (matchingButton) {
matchingButton.click();
} else {
const otherButton = this.Buttons.find((item) => item.value === "other");
otherButton.click();
this.OtherAmountInput.amount = newAmount;
}
}
addEventListeners (eventType, callbackFunction, filter = undefined) {
if (filter && typeof filter === 'function') {
const filteredItems = this.filter((item) => filter.call(this, item));
filteredItems.forEach((item) => item.addEventListener(eventType, callbackFunction));
} else if (filter && typeof filter === 'string') {
if (filter.match(/buttons/gmi))
this.Buttons.forEach((item) => item.addEventListener(eventType, callbackFunction));
if (filter.match(/other/gmi))
this.OtherAmountInput.addEventListener(eventType, callbackFunction);
} else {
this.forEach((item) => item.addEventListener(eventType, callbackFunction));
}
}
}
class FrequencyButton extends RadioButtonComponent {
constructor (element) {
super(element);
}
get frequency () {
return this.text.match(/Monthly/gmi) ? "Monthly" : "One-Time";
}
set freqency (newAmount) {
if (Number.isNaN(parseInt(newAmount)) || parseInt(newAmount) <= 0)
throw new Error("New amount must be a valid number greater than 0.");
newAmount = parseInt(newAmount);
this.text = '$' + newAmount;
this.value = newAmount;
}
}
class FrequencyArray extends Array {
constructor (items) {
if (!Array.isArray(items) && items.length === 0) {
throw new Error("FrequencyArray: Arugment 1 is not an instance of Array with a length greater than 0:" + items.join(', '));
}
/*if (items.every((item) => item instanceof GiftArrayButton || item instanceof GiftArrayOtherAmount)) {
if (items.find((item) => item instanceof GiftArrayOtherAmount)) {
let temp = items.find((item) => item instanceof GiftArrayOtherAmount);
items = items.filter((item) => item instanceof GiftArrayButton);
items.push(temp);
}
} else*/ if (items.every((item) => item instanceof HTMLElement)) {
items = items.map((item) => item.matches(".webform-component-textfield") ? new GiftArrayOtherAmount(item) : new GiftArrayButton(item));
} else {
throw new Error("FrequencyArray: Arugment 1 is not of type HTMLElement or HTMLElement[]:" + items.join(', '));
}
super(...items);
this.Buttons = items.filter((item) => item instanceof GiftArrayButton);
}
get frequency () {
const activeButton = this.Buttons.find((item) => item.checked);
if (activeButton.value === "recurs")
return "monthly";
if (activeButton.value === "NO_RECURR")
return "one-time";
return activeButton.value;
}
set frequency (newFrequency) {
const reNewFrequencyValue = new RegExp(newFrequency, 'gmi');
const matchingButton = this.find((item) => item.value.match(reNewFrequencyValue) || item.text.match(reNewFrequencyValue));
matchingButton.click();
}
get recurring () {
return this.frequency === "monthly" ? true : false;
}
set recurring (bool) {
this.frequency = bool === true ? "monthly" : "one-time";
}
addEventListeners (eventType, callbackFunction, filter = undefined) {
if (filter && typeof filter === 'function') {
const filteredItems = this.filter((item) => filter.call(this, item));
filteredItems.forEach((item) => item.addEventListener(eventType, callbackFunction));
} else if (filter && typeof filter === 'string') {
if (filter.match(/buttons/gmi))
this.Buttons.forEach((item) => item.addEventListener(eventType, callbackFunction));
if (filter.match(/other/gmi))
this.OtherAmountInput.addEventListener(eventType, callbackFunction);
} else {
this.forEach((item) => item.addEventListener(eventType, callbackFunction));
}
}
}
//
const lockedProperty = { writable: false, configurable: false, enumerable: true };
function DonationFormAPI (elements, options = {}) {
const defaultOptions = {
min: 1.00,
max: 999999.99,
makeTabbed: false,
fakeSubmit: true,
overrideGiftArrayValues: false,
};
options = { ...defaultOptions, ...options };
//
const { frequencyRadios, submitButton, root } = elements;
const [ amountRadiosOnetime, amountRadiosMonthly ] = elements.amountRadios;
const oneTimeOtherAmountWrapper = amountRadiosOnetime.find((div) => !div.matches('.webform-component-textfield') || div.querySelector('input[type="text"]'));
const oneTimeRadioButtons = amountRadiosOnetime.filter((div) => div !== oneTimeOtherAmountWrapper);
const monthlyOtherAmountWrapper = amountRadiosMonthly.find((div) => !div.matches('.webform-component-textfield') || div.querySelector('input[type="text"]'));
const monthlyRadioButtons = amountRadiosMonthly.filter((div) => div !== monthlyOtherAmountWrapper);
const debug = {
log: (...args) => window.NA.DonationForm.DEBUG_MODE && console.log(...args),
info: (...args) => window.NA.DonationForm.DEBUG_MODE && console.log(...args),
warn: (...args) => window.NA.DonationForm.DEBUG_MODE && console.log(...args),
error: (...args) => window.NA.DonationForm.DEBUG_MODE && console.log(...args),
};
//
const api = new Object();
Object.defineProperty(api, 'root', {
value: root,
writable: false,
configurable: true,
enumerable: true,
});
Object.defineProperties(api, {
'FORM_MINIMUM': {
value: options.min || 0,
...lockedProperty
},
'FORM_MAXIMUM': {
value: options.max || Infinity,
...lockedProperty
},
});
Object.defineProperties(api, {
GiftArrays: {
value: {
"one-time": new GiftArray([ ...oneTimeRadioButtons, oneTimeOtherAmountWrapper ]),
"monthly": new GiftArray([ ...monthlyRadioButtons, monthlyOtherAmountWrapper ]),
},
writable: false,
configurable: true,
enumerable: true,
},
Frequencies: {
value: new FrequencyArray(frequencyRadios),
writable: false,
configurable: true,
enumerable: true,
},
SubmitButton: {
value: submitButton,
writable: false,
configurable: false,
enumerable: true,
}
});
Object.defineProperties(api, {
'getFrequency': {
value: async function () {
if (!this || this === null) throw new Error("validate: Unable to read API context.");
return new Promise((resolve, reject) => {
try {
resolve(this.Frequencies.frequency);
} catch (error) {
reject(error);
}
});
}, ...lockedProperty
},
'setFrequency': {
value: async function (frequency) {
if (!this || this === null) throw new Error("validate: Unable to read API context.");
return new Promise(async (resolve, reject) => {
try {
this.Frequencies.frequency = frequency;
if (await this.getFrequency() === frequency)
resolve(frequency);
} catch (error) {
reject(error);
}
});
}, ...lockedProperty
},
'getAmount': {
value: async function (frequency = undefined) {
if (!this || this === null) throw new Error("validate: Unable to read API context.");
return new Promise(async (resolve, reject) => {
try {
frequency = frequency || await this.getFrequency();
if (frequency && this.GiftArrays.hasOwnProperty(frequency)) {
const activeGiftArray = this.GiftArrays[frequency];
resolve(activeGiftArray.amount);
} else {
throw new Error("getAmount: Invalid frequency: " + frequency);
}
} catch (error) {
reject(error);
}
});
}, ...lockedProperty
},
'setAmount': {
value: async function (amount, frequency = undefined) {
if (!this || this === null) throw new Error("validate: Unable to read API context.");
return new Promise(async (resolve, reject) => {
try {
const currentFrequency = await this.getFrequency();
if (!frequency) {
frequency = currentFrequency;
} else if (frequency !== currentFrequency) {
frequency = await this.setFrequency(frequency);
}
if (frequency && this.GiftArrays.hasOwnProperty(frequency)) {
const activeGiftArray = this.GiftArrays[frequency];
activeGiftArray.amount = amount;
} else {
throw new Error("setAmount: Invalid frequency: " + frequency);
}
if (await this.getAmount() === amount)
resolve(amount);
} catch (error) {
reject(error);
}
});
}, ...lockedProperty
},
'getRecurring': {
value: async function () {
if (!this || this === null) throw new Error("validate: Unable to read API context.");
return new Promise((resolve, reject) => {
try {
resolve(this.Frequencies.recurring);
} catch (error) {
reject(error);
}
});
}, ...lockedProperty
},
'setRecurring': {
value: async function (bool) {
if (!this || this === null) throw new Error("validate: Unable to read API context.");
return new Promise(async (resolve, reject) => {
try {
this.Frequencies.frequency = bool ? true : false;
if (await this.getRecurring() === bool)
resolve(bool);
} catch (error) {
reject(error);
}
});
}, ...lockedProperty
},
freqency: {
get () { return this.getFrequency() },
set (value) { this.setFrequency(value) },
enumerable: true, configurable: true,
},
amount: {
get () { return this.getAmount() },
set (value) { this.setAmount(value) },
enumerable: true, configurable: true,
},
recurring: {
get () { return this.getRecurring() },
set (value) { this.setRecurring(value) },
enumerable: true, configurable: true,
},
});
Object.defineProperties(api, {
'submit': {
value: async function (condition = this.validate||function(){return true}) {
//this.hooks['onBeforeSubmit'].forEach((callback) => callback.call(this));
let result;
const isAsyncFunction = (func) => func.constructor.name === "AsyncFunction";
if (Array.isArray(condition)) {
if (condition.every((c) => typeof c === 'function' && isAsyncFunction(c))) {
result = await Promise.all(condition.map(async (c) => await c.call(this)));
} else if (condition.every((c) => typeof c === 'function')) {
result = condition.every((c) => c.call(this));
} else if (condition.every((c) => c === true || c === false)) {
result = condition.every((c) => c);
}
} else if (typeof condition === 'function' && isAsyncFunction(condition)) {
result = await condition.call(this);
} else if (typeof condition === 'function') {
result = condition.call(this);
} else if (condition === true || condition === false) {
result = condition;
} else {
console.error("Unknown error.");
debugger;
}
//
if (result === true) {
if (window.NA.DonationForm.hasOwnProperty("DEBUG_MODE") && window.NA.DonationForm["DEBUG_MODE"] == true)
return console.log("Submit aborted (debug mode is enabled).");
this.SubmitButton.click(),
this.hooks['onSubmit'].forEach((callback) => callback.call(this));
//this.hooks['onAfterSubmit'].forEach((callback) => callback.call(this));
} else {
return console.log("Submit failed (conditions did not evaluate to true).");
}
}, ...lockedProperty
},
'interceptSubmit': {
value: function (handleInterceptedSubmit = () => { return new Promise((resolve) => resolve(undefined)) }) {
try {
window.NA.DonationForm.SubmitButtonCopy = window.NA.DonationForm.SubmitButtonCopy || createNewSubmitButton(window.NA.DonationForm.SubmitButton, { cloneOriginal: false, hideOriginal: true, observeOriginal: false });
window.NA.DonationForm.SubmitButtonCopy.addEventListener('click', async (event) => {
event.preventDefault(), event.stopPropagation();
const shouldFormSubmit = await handleInterceptedSubmit.call(this, event);
if (shouldFormSubmit) {
console.info("Submit allowed by initial interceptSubmit callback function resulting in a truthy evaluation.");
const formIsValid = await window.NA.DonationForm.validate();
if (!formIsValid) { // if submit allowed but there are known errors in the form
console.warn("Form has known errors. Attempting to submit to show errors then retrying.");
console.log("Submitting...");
window.NA.DonationForm.submit(true); // submit anyway to trigger the error to be shown
window.NA.DonationForm.SubmitButton.style.setProperty("display", "none"), debug.info("SubmitButton hidden."), // hide the original submit button again
window.NA.DonationForm.SubmitButtonCopy.style.setProperty("display", "none"), debug.info("SubmitButtonCopy hidden."); // hide the copy of the submit button again
window.NA.DonationForm.SubmitButtonCopy.style.removeProperty("display"), debug.info("SubmitButtonCopy unhidden."); // show the copy of the submit button
} else {
console.log("Submitting...");
window.NA.DonationForm.submit(true);
}
} else {
console.log("Submit prevented.");
console.info("Next submit will be allowed.");
window.NA.DonationForm.SubmitButton.style.removeProperty("display"), debug.info("SubmitButton unhidden."); // show the original submit button so that if something goes wrong the user can still click the submit button
window.NA.DonationForm.SubmitButtonCopy.style.setProperty("display", "none"), debug.info("SubmitButtonCopy hidden."); // hide the copy of the submit button that intercepts submit attempts so that there aren't two buttons
}
});
console.log("Submit intercept added.\nButton:", window.NA.DonationForm.SubmitButtonCopy);
} catch (error) {
console.error("Failed to add submit intercept:", error);
}
}, ...lockedProperty
},
'validate': {
value: async function (root = undefined) {
if (!this || this === null)
throw new Error("validate: Unable to read API context.");
root = root || this.root;
const flattenArray = (array) => array.reduce((flat, toFlatten) => flat.concat(Array.isArray(toFlatten) ? flattenArray(toFlatten) : toFlatten), []);
try {
const freqency = await this.getFrequency(),
amount = await this.getAmount();
if (!freqency || !amount)
return false;
if (amount < this.FORM_MINIMUM || amount > this.FORM_MAXIMUM)
return console.error("validate:", "Gift amount is invalid:", amount), false;
let requiredFields = Array.from(root.querySelectorAll('label:has(.form-required)'))
.map((label) => document.getElementById(label.htmlFor) || (label.nextElementSibling || label.previousElementSibling))
.filter((_) => !!_) // remove blanks
.filter((field) => {
if (field.name && field.name.includes('[payment_information]'))
return false;
return true;
})
.map((field) => {
if (field.matches("div"))
return [...field.querySelectorAll('input')];
return field;
})
requiredFields = flattenArray(requiredFields);
const valid = requiredFields.every((input) => {
const type = input.tagName.toLowerCase() === 'select' ? 'select' : input.type;
const { name, value, id } = input;
//console.log(type, name, value);
if (name === 'submitted[payment_information][payment_fields][credit][card_number]') {
if (value && value.length === 16)
return true;
return console.error("validate:", name+':', "CC is invalid."), false;
}
if (name === 'submitted[leadership_circle]')
return true;
if (name === 'submitted[donation][other_amount]' || name === 'submitted[donation][recurring_other_amount]')
if (amount)
return true;
switch (type) {
case 'email':
const emailRegex = /^[a-zA-Z0-9._%+-]+@[a-zA-Z0-9.-]+\.[a-zA-Z]{2,}$/;
if (!emailRegex.test(value))
return console.error("validate:", name+':', "Email address is invalid.\n", input, value), false;
return true;
case 'tel':
if (!value || value.length < 10)
return console.error("validate:", name+':', "Phone number is invalid.\n", input, value), false;
return true;
case 'select':
case 'radio':
case 'text':
if (!value || value.length === 0)
return console.error("validate:", name+':', "Field is invalid.\n", input, value), false;
return true;
default:
debug.log("default");
return true;
}
/*if (!value || value.length === 0)
return false;*/
});
return valid;
} catch (error) {
console.error(error);
return false;
}
}, ...lockedProperty
},
//'makeTabbed': { value: function(){} },
'DonationInterrupter': {
value: { init: initDonationInterrupter.bind(api) },
enumerable: true,
configurable: true,
writable: true,
}
});
initHooks(api, ['onFrequencyChange', 'onAmountChange', 'onTrySubmit', 'onSubmit']);
api.Frequencies.addEventListeners('change', (event) => {
if (event.target.checked) {
api.hooks['onFrequencyChange'].forEach((callback) => {
callback.call(api, event.target.value);
});
}
});
Object.entries(api.GiftArrays).forEach(([ key, GiftArray ]) => {
GiftArray.addEventListeners('change', (event) => {
if (event.target.checked) {
api.hooks['onAmountChange'].forEach((callback) => {
callback.call(api, event.target.value);
});
}
});
});
api.SubmitButton.addEventListener('click', (event) => {
api.hooks['onTrySubmit'].forEach((callback) => callback.call(api, event));
});
api.root.addEventListener('submit', (event) => {
api.hooks['onSubmit'].forEach((callback) => callback.call(api, event));
});
if (options.makeTabbed)
api.makeTabbed();
/*if (options.fakeSubmit)
window.NA.DonationForm.SubmitButtonCopy = window.NA.DonationForm.SubmitButtonCopy || createNewSubmitButton(window.NA.DonationForm.SubmitButton, { cloneOriginal: false, hideOriginal: true, observeOriginal: false });*/
return api;
}
function createNewSubmitButton (originalSubmitButton = window.NA.DonationForm.SubmitButton, options = {}) {
const defaultOptions = {
cloneOriginal: true,
hideOriginal: true,
observeOriginal: true,
};
options = { ...defaultOptions, ...options };
const newSubmitButton = document.createElement('button');
//newSubmitButton.id = "submit-button-copy";
newSubmitButton.classList.add("btn");
newSubmitButton.textContent = originalSubmitButton.value;
originalSubmitButton.after(newSubmitButton);
options.hideOriginal && originalSubmitButton.style.setProperty("display", "none");
return newSubmitButton;
}
function initHooks (api, hookNames = []) {
const hooks = Object.fromEntries(hookNames.map((hookName) => ([hookName, new Array()])));
Object.defineProperty(api, 'hooks', {
value: hooks,
...lockedProperty
});
}
function initDonationInterrupter (options = {}) {
const getExpId = () => {
let experiments = window._vwo_exp;
experiments = Object.entries(window._vwo_exp);
let id = experiments.find(([id, data]) => {
const name = data.name;
return name.match(/Donation Interrupter/);
})[1]?.id;
return id;
};
const getExpVariation = (id) => {
let experiment = window._vwo_exp[id];
return experiment.combination_chosen || experiment.combination_selected;
};
const defaultOptions = {
id: [ 'VWO', getExpId(), getExpVariation(getExpId()) ].join('-'),
tokenName: ("NA__MPR_DonationInterrupter:" + [ 'VWO', getExpId(), getExpVariation(getExpId()) ].join('-')),
min: 10,
max: 100,
askAmount: (originalAmount) => {
if (originalAmount > 500) // $500+
return false; // don't show
if (originalAmount >= 400) // $400-$500
return 50;
if (originalAmount >= 300) // $300-$399
return 40;
if (originalAmount >= 200) // $200-$299
return 30;
if (originalAmount >= 100) // $100-$199
return 15;
if (originalAmount < 100) // $100-
return 10;
return false;
},
askFrequency: (originalFrequency) => {
return "monthly";
},
popupHTML: {
headingHTML: (`
Lorem ipsum dolor sit amet
`),
bodyHTML: (`
Consectetur adipiscing elit. Sed nec egestas turpis, hendrerit semper nisl. Pellentesque auctor ipsum at
pharetra eleifend. Pellentesque a rhoncus turpis, ut tempus nibh. Donec vel dui hendrerit nisi imperdiet
tincidunt. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos.
Duis efficitur dolor ut nisl blandit imperdiet. Nullam pretium est nunc, tincidunt viverra ligula dapibus.
Duis malesuada:
dui eu venenatis volutpat
urna libero posuere lectus
non tincidunt mauris ligula consectetur felis
lacinia hendrerit enim at molestie
Sed placerat fringilla consequat. Nullam eu pellentesque sem?
The U.S. economy grew 2.3% in 2019 — that’s below the 3% the president promised and a slowdown from 2018. The level of business investment — the amount of money businesses are investing in equipment, computers and office supplies — has fallen for three straight quarters.
For nine months now, American businesses have been spending less and less money on things they might need in the future.
“Everything you have in your office, everything you have in your production factory, that is business investment,” said Torsten Slok, chief economist at Deutsche Bank.
“As the trade war came along, we began to see business spending slow down,” Slok said. “Unfortunately, it’s been on a steady slowdown for the last 18 months or so.”
Business investment accounts for about 13% of gross domestic product — more than $2.8 trillion. So if businesses are backing away slowly from investing in the future, what does that mean?
“The last time we saw business investment decline for three quarters or more was heading into the 2008-2009 recession,” said Nicholas Bloom, a professor of economics at Stanford.
We are not, Bloom said, about to have another big recession. The decline in business investment now is tiny compared to what it was back then. Bloom said it’s worrying, but not surprising.
For now, shrinking business investment means our economy is growing more slowly, which we’ve known. GDP growth in the fourth quarter of 2019 was 2.1%; it was 2.9% overall back in 2018.
“Over the long run, if we as a society do not invest in upgrading and modernizing and expanding our capital stock with new and better machinery structures and equipment, we’ll be less productive,” said Richard DeKaser, chief corporate economist with Wells Fargo and Co.
Economists say they don’t expect a rebound in business investment around the corner.