As much as the media would love for you to believe the stories of recession and malaise, so far, other than Michigan, the economy is still booming. Despite the slowdown in the housing market and difficulties of the sub-prime housing market, manufacturing is rolling. The week's economic releases were decidedly positive. The top story was the continuing reduction of the U.S. trade deficit, which fell for the fourth straight month in September and reached its lowest level since May 2005. Meanwhile, nonfarm productivity grew at the fastest pace in more than four years and activity in the services sector improved in October.
Now, I live in Michigan, where all this doesn't matter, since we're stuck in the 70's. 4th highest gas prices in the country (behind Hawaii, California, and Washington), highest unemployment in the country, and now joining the northeast as one of the highest taxed.
Thanks Jenny and the crew...nice work.