ETF News Update: Economic Data Strike Out

A dismal performance at the plate by U.S. economic data this week takes us into the Holiday Weekend with less than cheery spirits.

Today’s 1Q GDP Revision came in unchanged at +1.8% which was a wide miss over the expected +2.2% revision and well below the 3.1% for 4th Quarter 2010.

Consumer spending slowed to +2.2%, well off the +2.7% expected

Weekly unemployment claims climbed to 424,000, well above the 400,000 expected and 414,000 prior with the only bright news coming from a decline in weekly unemployment numbers.
Today’s Commerce Department report, Employment report and yesterdays Durable Goods decline makes it “three strikes and you’re out.”

At Wall Street Sector Selector, we remain in the defensive mode, as we have been for sometime, expecting lower prices ahead.

Disclaimer: Wall Street Sector Selector actively trades a wide range of ETFs and positions can change at any time.

This post originally appeared at Wall St. Sector Selector.