The Institute for Supply Management (ISM) report fell .2% in August to 49.6 from July’s reading of 49.8. This was the third consecutive month in which manufacturing contracted. Any reading below 50 signifies contraction.
 
Expectations were for the report to show slight advancement to 49.9. Although some segments of the economy are showing improvement—particularly housing—others are dragging their feet. The uneven nature of the recovery may provide the catalyst for Fed action when it meets September 12 and 13.
 
Manufacturing is contracting all over the globe, not just in the US. Europe’s numbers showed a decline in new orders. China’s manufacturing activity fell the most in August since the bottom of the financial crisis in 2009.
 
US businesses also have adopted a more cautious outlook since inventories took a leap to 54 from 49 in spite of drops in other methods of measuring new orders and backlogs.
 
Backlogs are a good sign in a strong, healthy economy but not so good for a struggling one. Rather than instilling confidence, such backlogs mean manufacturers will likely have to cut production until the inventories clear out.
 
Government spending cuts are affecting the construction side but there is good news there since construction on new single family homes increased 1.5% in the most recent report.
 
There are two hurdles the economy must surmount if the recovery is to even out. One is weather growth in the US will be dampened by the continued contraction in global economies like Europe and China. The other is whether the economy will stall from the fiscal cliff anticipated when current tax laws expire at the end of the year.

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With classes approved for over a decade by the CFP Board, IWI, and NASBA, Advisors4Advisors CE classes are an optimal knowledge stream for CFP®, CIMA®, CPA, CPA/PFS®, CFA®, and other practitioners. It's not a grab bag of speakers willing to sponsor CE content. Nor is it a one-man CE course. It's a group of subject matter experts with amazing communication skills and a history of thought leadership that, together, give advisors a well-rounded knowledge system for running a professional practice ethically and intelligently.

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A4A CE classes for financial professionals began in October 2008, the week Lehman Bros. collapsed. Initially billed as “The Financial Crisis Webinar Series,” A4A connects advisors with authoritative sources on investing, tax, and financial planning, chosen by A4A Editor Andrew Gluck, a veteran financial reporter. A4A members get a stream of CE classes for an advisor who: 

  • holds a CFP®, CIMA®, CPA, CPA/PFS, CFA or other designation requiring CE annually 
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  • diversifies a core of client portfolios in low-expense funds
  • invests based on MPT and economic fundamentals
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William Desormeau, Jr.  
It is not possible for me to overstate the cumulative value that Craig, Bob and Fritz have added for over 10 years to my investment advisory practice, as well as for personal and family financial planning. A4A gets my highest recommendation
Lynn Najman, CFP®
I’ve subscribed to A4A since its inception, and always find it intellectually stimulating and on point. It’s one of the few CE solutions out there that doesn’t waste my time by pushing product or talking down to me.

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Pete Deacon, CPA, CFP®
A4A has had a profound effect on my business. Since 2009, I’ve relied on the consistent messaging and updates to run my business successfully. Being able to present the information from Bob, Fritz, and Craig's ongoing CE webinars has been a significant benefit.

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Fredric Mayerson, MBA, PhD, CFP®
I've been a financial professional and professor of finance for 35 years and find Fritz Meyer and Robert Keebler to be among the most engaging, incredibly knowledgeable, and experienced presenters I’ve encountered. They deliver an extraordinary amount of information in an extremely interesting way — sequentially and developmentally, utilizing pedagogical tools and techniques that few possess.  A4A to is the most consistently excellent CE program available.  
Ron Roge, MS, CFP®
I’ve been attending A4A many years because the CE classes are outstanding, and my time is valuable. Though I have over 35 years of experience, I’m always learning something new on A4A. I attend fewer conferences now because the CE is generally not advanced. If you want to learn from the best, in a faster, easier, and less expensive way, I highly recommend A4A.

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I’ve been a member since 2011 and never miss the monthly webinars with Fritz Meyer. I appreciate Fritz’s independent views on the economy and markets and Bob Keebler keeps me updated on excellent tax planning ideas. A4A is a great value!
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Norman Politziner, CFP

I wouldn't miss a Fritz Meyer webinar unless my pants were on fire. I've relied on Andrew Gluck's knowledge systems --client communications and CE -- for two decades. It's simply the best solution for tax, financial, investment, and risk-management professionals.®   

Dan Hawley, CFP® 

A4A, for over a decade, has been a great resource for useful and accurate information and CE. A4A and Advisor Products are bargains for an advisory practice. 

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Kevin Brosious, MBA, CFP®, CPA/PFS®

I get CPA CE credit and CFP credit for the webinars.  But not only that, the A4A content is terrific