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Etf guide 2014 MUTUAL FUND Investor Guide The eTF Investor Guide MutualFundInvestorGuide com August Matthew d Sauer Founder Chief Investment O ?cer Matthew Sauer is the Founder and Chief Investment O ?cer of the Mutual Fund Investor Guide family of newsle

MUTUAL FUND Investor Guide The eTF Investor Guide MutualFundInvestorGuide com August Matthew d Sauer Founder Chief Investment O ?cer Matthew Sauer is the Founder and Chief Investment O ?cer of the Mutual Fund Investor Guide family of newsletters Each month he analyzes and provides buy sell and hold recommendations for hundreds of mutual funds and ETFs in three newsletters The Investor Guide to Fidelity Funds The ETF Investor Guide and The Investor Guide to Vanguard Funds Prior to starting the Mutual Fund Investor Guide Matthew was President and Chief Investment O ?cer of the Fidelity Independent Adviser ETF Report Sector Momentum Tracker newsletters IN THIS ISSUE Perspective Portfolio Updates Model Portfolios Data Rankings The Best Biotechnology ETFs Market Perspective Manufacturing Data Reinforces Optimistic Outlook The U S economy has rebounded from its poor showing in the ?rst quarter of the year as the initial estimate for second-quarter GDP growth is percent The government will report two more revisions for second-quarter GDP one at the end of August and one at the end of September Already economists are raising their expectations to approximately percent since recent reports show that the trade de ?cit declined in June GDP records ?nal sales in order to estimate domestic production so goods imported from abroad are subtracted and goods exported are added Since oil prices have been falling and oil remains a major import economists are also raising their growth forecasts for the third quarter In addition to rising GDP forecasts the manufacturing PMI remains in expansionary territory At in July any number above signals expansion the reading was points higher than it was in June This continued increase signals that the American economy has indeed been accelerating as economists predicted This positive data was o ?set somewhat by concerns about slowing consumer spending after July ? s retail sales were reported to be at A deeper look at the economic data shows why investors should focus on the strong manufacturing number and not the weaker consumer number The Bureau of Economic Analysis calculates the nation ? s GDP report each quarter but it also calculates another statistic called gross output GO Instead of measuring just ?nal sales GO measures all sales in the economy For example GDP will record the ?nal sale of an automobile as the economy having produced a car whereas gross output will record all the intermediary steps in the production process GDP records a trillion U S economy but gross output records an economy worth more than trillion Looking at the economy from the perspective of gross output paints a di ?erent picture and calls into question the aptness of the oft-used phrase the ??consumer economy ? Instead of percent of GDP GO measures consumption to be responsible for percent of gross output The retail sector comprises only percent of gross output Conversely at more than percent manufacturing contributes a far higher percentage of the total economy than is typically thought The picture that emerges is an economy a ?ected