ACC's Economic Outlook for the Week Ended May 20, 2011

MACROECONOMIC STATUS Our running tab of positive indicators slipped by 3 to 13 out of 20 this week. However, we continue to post a green banner. Existing Home Sales ↓ 0.8%; ↓ 12.9% Y/Y Building Permits ↓ 4.0%; ↓ 12.8% Y/Y Housing Starts ↓ 10.6%; ↓ 23.9% Y/Y Industrial Production –flat–; ↑ 5.0% Y/Y Capacity Utilization ↓ 0.1 points to 76.9% LEI ↓ 0.3%; ↑ 5.0% Y/Y Empire State Survey ↓ 9.8 points to 11.9 (still expanding) Philly Fed Survey ↓ 14.6 points to 3.9 (still expanding) BUSINESS OF...

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