Summers are customarily a time to go on holiday, spend time with family and friends and recharge one’s “batteries” in preparation for the onslaught of fall duties and obligations. Except for “fire and fury” comments about North Korea, the dog days of August are upon us. No financial markets crisis of any sort appears imminent. That could change when Labor Day passes and market participants put aside the mellow days of summer and take a harder look at economic and market prospects. So, in the absence of any significant economic developments and the likelihood that economic challenges and financial markets volatility is a long ways off, this summer’s July/August combined Longbrake Letter focuses on recent data reports and revisions in previously reported data. For now, the economy and markets are advancing slowly and methodically.