A Bit of Good News

Won’t it be nice if we have turned the corner in this economy? The good news isn’t jump-for-joy exciting, but it shows expansion characteristics instead of contraction in the indicators. The big question: is it sustainable?

From Financial Post:

In the United States, financial data firm Markit said falling overseas demand and government belt-tightening at home helped push its U.S. Manufacturing Purchasing Managers Index to a seven-month low of 51.9 in May from 52.1 the previous month. A reading above 50 indicates expansion.

Markit chief economist Chris Williamson said the data suggested that manufacturing, which had its best quarter in two years during the first three months of 2013, would provide only a modest boost to overall U.S. growth in the second quarter.

But recent improvement in the labor market, highlighted by a bigger-than-expected decline in applications for initial jobless benefits last week, and rising home prices have suggested the U.S. economy is recovering more quickly than its peers.

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