Things aren't so good. Things weren't so bad. The government late last month trimmed gross domestic product figures for 2003-2005 as part of an annual revision of data for consumer spending, business investments, government outlays and other figures. With the revision, average economic growth for 2002-05 fell to 3.2% from 3.5%. That partly reflects lower consumer spending, trimmed by $12 billion for 2003-2005. After GDP revisions made in earlier years, it's clear the recovery that began in Nov. '01 has been weaker than originally thought. GDP fell to 1.6% from 2.4% in 2002; to 2.5% from 3.1% in '03; to 3.9% from 4.4% in '04; and to 3.2% from 3.5% in '05. But the 2001 recession wasn't so bad; growth was revised upward twice after an earlier downgrade. The boom year of 2000, meanwhile, wasn't so grand. The economy grew 3.7%, not the originally imagined 5%.
Focus on: OMNICOM GROUP (OMC)
Omnicom, created by the big-bang merger of BBDO, Doyle Dane Bernbach and Needham Harper Worldwide, turns 20 years old Aug. 29, and shareholders have fair reason to celebrate. With its collection of some of the most prized agency brands, OMC grew into the industry's biggest holding company, roundly outperforming Interpublic and the stock market. It's still far behind one company that did an IPO in 1986: Microsoft.
Last week's score
Stocks traded in a narrow range amid weak housing reports and a late-week jump in oil; 19 AdMarket issues rose, 30 fell.