ACC's Economic Outlook for the Week Ended May 18, 2012

MACROECONOMIC STATUS Our running tab of positive indicators remained steady at 15 out of 20 this week. Thus, we continue to post a green banner. Consumer Prices ≈ 0.0%; up 2.3% Y/Y Retail Sales up 0.1%; up 6.4% Y/Y Business Inventories up 0.3%; up 6.6% Y/Y Housing Starts up 2.6%; up 29.9% Y/Y Building Permits down 7.0%; up 23.7% Y/Y Industrial Production up 1.1%; up 5.2% Y/Y Capacity Utilization up 0.8 points to 79.2% Empire State Mfg. Survey up 11 points to 17.1 Philly Fed Survey down 14 points to -5.8 LEI down 0.1%; up1.9% Y/Y BUSINESS OF CHEMISTRY STATUS...

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