We know that a flood of Katrina-related claims is coming. The magnitude and the timing are uncertain, but the figures will clearly be boosted sharply very soon.
When both exports and imports are surging, that is generally a sign that the economy is in very good shape. These figures strike me as yet another sign that activity entering 2006 was on a solid footing, not about to slow down substantially, as the consensus believes.
The relatively moderate figures for current conditions should be weighed to some degree against robust expectations for the six-month outlook.