Last week, financial markets absorbed a nearly unprecedented amount of information on the health of the economy and corporate America. It was just the 8^th week in the past 708 (since January 2000) that the U.S. Department of Labor’s monthly labor market report, the Institute for Supply Management’s (ISM) monthly report on Business, the Federal Reverse’s (Fed) Federal Open Market Committee’s (FOMC) statement and the first look at gross domestic product (GDP) for the prior quarter were all released in the same week. In general, the equity market took the data deluge in stride, with far less volatility than it had seen in the past when those four key economic events occurred in the same week. As a matter of fact, from June 24 to August 2, 2013, the S&P 500 Index rose 9%, pushing stocks up about 20% for the year. This week, equity prices have been correcting with the Dow 30 Industrial Average trading at 15,439 after making a new high last week of 15,655. LPL Financial believes we are at the midpoint of an economic expansion that began just four years ago in June 2009. Based on indicators such as the Index of Leading Economic Indicators, the odds of a recession starting in the next two years is low, at around 10 – 15% (assuming no aberrant events such as a terror attack, a large spike in energy prices, etc). The U. S. economy is now in the fifth year of the 12^th economic recovery since the end of World War II. It is already the sixth longest of the 12 recoveries.  How long will this expansion last? According to history, recoveries end when imbalances within the economy build up over time. Examples of these imbalances can include: too much housing, overinvestment in technology, too much consumption, too much debt, among others. Currently, few, if any material imbalances have begun to emerge, as the economy struggles to get back to “normal” after the Great Recession of 2007 – 2008, the worst economic downturn since the Great Depression of the 1930’s. Recent readings (for July 2013) on the U.S. and global economies do indeed suggest that the second half of 2013 began on a more solid footing domestically, and that the struggling economies in Europe and China may have finally stabilized. LPL Financial feels this supports the view that the U. S economy can accelerate modestly in the second half of 2013 – perhaps led by more robust export growth. With the economy in mid-cycle mode, markets need not worry about the type of overheating that typically triggers events that disrupt expansion. We hope you are having a pleasant summer. Contact us if you have any investment questions – Mark   The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.