In his August market report, Brad McMillan, chief investment officer for Commonwealth Financial Network LLP, says that the recent slowdown of the U.S. economy follows the same pattern we have seen over the last three years in which a strong frist quarter is followed by a pull back in the second quarter. McMillan also says that in every case the factors that are dragging the domestic economy are external.
Despite this latest slowdown, McMillan remains confident that the U.S. remains on the right path toward a recovery. "The overall economy in my opinion is healing and I have the numbers to support that," he says.
Still, McMillan notes that uncertainty continues to weigh down on consumers and investors, including questions about Europe, the fiscal and tax issues at home, the debt ceiling debate and the potential for the fiscal cliff.
Watch the video for more of McMillan's analysis.