As we head into Labor Day, summer is nearly over and the long hazy daze of hot weather are coming to an end. It’s traditionally the time of year when various financial institutions, including the stock market, begin to perk up and take notice of what’s been happening since the weather was less languid.
This year the return from vacation is as hectic as ever. Economic news over the last week has been terrible, showing a horrific decline in home sales, stubborn new jobless claims, and a huge downward revision in GDP. None of this can be taken as good.