Can't Keep A Good Economy Down

Call it the revenge of the hard data. Industrial production popped in April while the number of sectors contracting fell sharply: Manufacturing itself enjoyed a healthy monthly gain: One point to watch is the improvement in automobile assemblies: Given tepid auto sales, this may add to inventories and ultimately place downward pressure on car prices. Housing starts remained solid in April: To be sure, the volatile multi-family component slid, but I think that should not be unexpected. Apartment construction bounced backed more quickly after the recession and I suspect has peaked. More of the action should now be in the...