This production figure emphasizes that the US economy had solid underlying momentum heading into month-end,

It's an unmitigated negative for the economy -- but hopefully it's temporary.

These two key reports reinforce the underlying story of red-hot growth and stable inflation, which was the hallmark of the U.S. economy in 1999,

The economy is in very good shape and people don't realize it. We really do have low inflation and low unemployment, and the economy has been growing at a rate of 3 percent or better since the last recession.