Well, it's Tuesday, but we've already got a lot of economic data out this week.

And we've got a lot more data coming out later in a week.

It's going to culminate on Friday with the jobs report, the unemployment level and the

number of jobs created.

So we'll discuss that on Friday.

But for now, the news that we've got has mostly been negative and we'll end up subtracting

from the third quarter initial estimate for GDP.

We got numbers on construction spending on Monday and the PMI manufacturing index, both

coming in below estimates.

The construction numbers should impact again, the second quarter.

But perhaps the biggest impact on the second quarter will be the much bigger than expected

increase in the trade deficit for the month of August.

The government was expecting a trade deficit, I think of about 40 billion.

Instead, we got 43 billion.

That's a 7.6% increase from the prior month.

In fact, we saw a reduction, an overall reduction in imports and exports.

So we're exporting less, but we still have a bigger trade deficit, even with the big

drop in oil prices, which helps to trade deficit because it means it's less expensive

to import oil.

The problem is excluding petroleum, we had the worst trade deficit ever.

Actually, I think it was a tie for the worst trade deficit ever.

Maybe we'll break the tie next month.

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