Hello MarketClub members everywhere. Once again the U.S. economy was sluggish in the spring, dashing expectations for a strong rebound after a tough winter. Stronger consumer spending was offset by weakness in housing construction and a big slowdown in the pace that businesses restocked store shelves.
The Commerce Department said Friday that the GDP grew at a 1.2% annual rate in the April-June quarter. That was far below the 2.6% GDP growth rate that economists had been forecasting.
The government also revised its estimate of first-quarter growth down to 0.8% from the previously reported 1.1%. That makes three straight quarters in which the economy has grown at a lackluster rate.
Key levels to watch next week:
S&P 500 (CME:SP500): 2,131.72
Dow (INDEX:DJI): 18,161.53
NASDAQ (NASDAQ:COMP): 4,976.84
Gold (FOREX:XAUUSDO): 1,316.60
Crude Oil (NYMEX:CL.U16.E): 43.20
U.S. Dollar (NYBOT:DX.U16.E): 97.62