PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia discussed the financial forecast of the week, as well as the Gross Domestic Product (GDP) estimates.
Celia commented, “As we look at this week and the economic data coming out Monday, we get the manufacturing numbers and PMI service sector numbers. The service sector number is more important than the manufacturing sector number, but both are going to give us some indication of where we could be headed for the rest of the year. Existing home sales numbers for July come soon. One would think the July number would be up. The hope is that it’ll go over 1%, but home builders’ confidence is down and new home sales are down. It is likely that durable good orders won’t be a great number either, so we’ll watch that closely on Thursday.
We get the usual initial jobless claims. And right now, we’re sitting under 400,000 and that’s very good. We’ll see if that can continue to hold, but the big news is going to be Thursday. We’ll get GDP revision for the second quarter, and they’re expecting that to go up above the 6.5%. However, I personally am expecting it to be below 6.5%. As we head through this year, on Friday we get personal income consumer spending numbers. These are two extremely important numbers, and the Michigan sentiment number is sitting at 70, which is a very low number. We’ll see if that improves on Friday as well.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
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