So, are you a glass half full kind of person, or glass half empty? From the Associated Press.
- Analysts said manufacturing momentum has ebbed significantly over the past four months, reflecting weaker orders. But an inflation gauge tied to the manufacturing index jumped by the sharpest amount in eight months, reflecting rising costs for raw materials.
- In areas of strength, many nationwide chain stores reported better-than-expected sales results in May as consumers shook off sagging confidence readings to shop with enthusiasm for clothing and other products.
- The Office of Federal Housing Enterprise Oversight reported Thursday that home prices rose at an annual rate of 8.12 percent in the first three months of this year, down from the double-digit gains of the past nearly two years.
- On the slowdown front, the Commerce Department reported that residential home building dropped by 1.1 percent in April, the biggest decrease since January 2004.
- "The economy is strong but it is throttling back a notch," said Mark Zandi, chief economist at Moody's Economy.com.
He said Fed officials will probably remain undecided about whether to raise rates again at their June 28-29 meeting until they see further data including Friday's unemployment report, which is expected to show strong employment growth of around 170,000 workers in May.
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In another report of slowing housing activity, the National Association of Realtors said its index for pending home sales fell for a third straight month in April, dropping 3.7 percent from the March level.
An old proverb goes something like this: If you wait for perfect conditions, you'll never get anything done.
Whether it's good or bad, most of us small business people just keep on working. And that's probably a good thing.
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