Last week’s batch of economic data for April and May in the U.S. came in better than expected, including:
·         New and existing home sales,
·         Home prices,
·         Consumer confidence,
·         Shipments and orders for durable goods,
·         First time filings for unemployment insurance, and
·         Inflation.

Taken together, the data suggest that the U.S. economy continued to make a successful transition from recovery to sustainable growth as the first quarter of 2010 ended and the second quarter began. Financial markets, however, are forward looking and largely ignored last week’s data ……

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