The economy is off to a strong start in 2006 and has fully rebounded from the fourth-quarter setback.
Growth is stronger, but inflation is less, so it's still that great combination of strong economic growth with even less inflation than expected that's helping bonds.
The report is stronger than appears on the surface. Unlike other parts of the economy, manufacturing activity moved up, so I would say in general this is a pretty solid report. Utility output was down probably because of the relatively cool summer we had.
I think the report was quite strong and will ultimately be positive for stocks.