According to a survey of 49 economists by the National Association for Business Economics, the US economy is likely to grow 2.4 percent in 2013. They expect consumer spending to increase 2.3 percent this year while corporate profits are expected to rise by 5.3 percent. Government spending is expected to fall 2.3 percent.

US raw steel production slipped 2.8 percent last week as mills operated at an ACUR of 77.2 percent. In the corresponding week last year mills operated at an ACUR of 79.2 percent. Thus far this year mills have operated at an ACUR of 76.6 percent down from the same period last year when the mills operated at an ACUR of 79.6 percent.

The Bureau of Economic Analysis reports real gross domestic product, the output of goods and services produced by labor and property located in the United States, increased at an annual rate of 2.4 percent in the first quarter of 2013 ( that is, from the fourth quarter to the first quarter), according to the “second” estimate released by NBER. In the fourth quarter, real GDP increased 0.4 percent.

The Midwest Economy Index (MEI), a monthly index designed to measure growth in non-farm business activity in the Seventh Federal Reserve District, decreased to +0.03 in April from +0.25 in March, and the relative MEI declined to -0.21 in April from +0.10 in March. April’s value for the MEI indicates that Midwest economic growth was somewhat lower than would typically be suggested by the growth rate of the national economy.

The Chicago Purchasing Managers reported May’s Chicago Business Barometer sprung 9.7 to 58.7, the highest since March 2012 and in sharp contrast to April’s 3 ½ year low. All business Activity measures surged in May, reversing weakness seen in most categories in March and April.

Friday 5/31/13 4:15PM

The Dow drops 200 points today but gains 1.9 percent on the month. Good news for your investments and 401K. I believe Leading Economic Indicators will lead the economic news next week.

The same issues exist in Washington with the administration still denying any culpability, for anything. Despite this, the facts are the facts and they are as plain as the nose on your face. As I have said before, there are wolves in the corral. All the people want is the truth. Is that too much to ask for from our elected officials?

Have a magnificent weekend,

God Bless America