Phillip Cochran
Chief Investment Officer, Series 7 Licensed Broker


The latest economic data for today is putting off the market.

• The economy grew 1.6% in the second quarter, revised down from the 2.4% that was reported. Ever wonder why we report numbers only to consistently have them revised down at a later date? Yes, so do I. The reason for the revision is bigger imports and less inventories. I will note that the downward revision is less than the Street expected to see.
• Gross private investment has been revised down to 25% from the 28.8% previously reported.
• The trade gap cut the GDP by 3.37 points, the most since 1947.
• 2nd quarter corporate profits are up 4.6% after a 10.5% increase in the 1st quarter.

Next week we can expect to see ISM Manufacturing numbers, Consumer Confidence, and the Non-Farm Payroll Report.