Economics Update

Well, over the past few days, we've had a spate of good news, with the New York Bank of the Federal Reserve's Empire State index showing continued growth, though that growth is slowing, with the index dropping from 31.9 in April to 19.1 in May.

Additionally, credit card issuers are reporting reduced delinquencies for April.

In real estate, we have the National Association of Home Builders confidence index rising to a 2½ year high in May, as well as an increase in housing starts, though housing permits have fallen, which indicates that the builders are expecting the euphoria to be short lived.

Finally, concerns about the Euro zone, and a related return to recession (we're out of recession?) have pushed both oil and the Euro down.