U.S. stock index futures perked up after the latest report on economic growth.
It was widely expected that the nation’s gross domestic product (GDP) would be revised downward from the initial estimate, but the revision was not as sharp as expected. The Commerce Department revised second quarter GDP to 1.6% from the initially reported 2.4%. Analysts were expecting the number to be revised to 1.3%. Personal consumption was actually revised higher to 2.0% from 1.6%. On the inflation front, the GDP price index was bumped up marginally to 1.9% from the initial estimate of 1.8%.
Also on the economic front, the University of Michigan will release its monthly consumer sentiment index, which is expected to come in at 69.9. The preliminary August reading was 69.6, and the final July reading was 67.8. Later in the day, Fed chairman Ben Bernanke is scheduled to speak at an annual meeting of central bankers.
- Harrington Wealth Management
- Our firm provides comprehensive trust and investment management services by employing a customized asset allocation approach. By focusing on the individuality of each client, Harrington Wealth Management Company has helped high net worth individuals, families, and small institutions grow and sustain their wealth through proven investment practices since 1994. A fee-only advisor, we also offer other financial services from our offices in California, Kansas and Indiana that include custody, estates, land trusts, probate administration, guardianships, personal trust administration, retirement plan services, and investment consulting services.
