Business spending as a share of the U.S. economy has been relatively steady since the 1940s, but it's undergone a total transformation in recent years, according to Wells Fargo.
Going back eight decades, investment has been between 10% and 15% of GDP and grew at an average annually rate of 5% in recent years, economists Shannon Seery Grein and Tim Quinlan said in a note Wednesday, calling the top-line numbers a "façade of plainness." But there's more to the story.
