A line graph shows quarterly changes, relative to pre-pandemic trends, in two categories of business investment between 2019 and 2024. Both categories fell below their trend levels in 2020. Since 2021, spending on technology and research and development has been above trend, topping it by an average of perhaps 5%. All other business investment has remained below trend, though such spending has moved closer to trend over time. The average shortfall of all business investment, excluding technology and research and development, has been roughly 10%.