There is plenty of negative news to ponder, but how many times do you really want to talk about Greece, 1st quarter GDP rearcasts lowered to -.7%, the Chicago debt load, China and European stocks down, etc. Let's take a break today and talk about some good news for a change. After all, with the ISM Manufacturing Index and April numbers for personal income and outlays out tomorrow, I am sure there will be plenty of the nasty things to talk about later this week.
Let's start with hotels. The hotel business in the U.S. is booming. Occupancy rates for April were THE BEST APRIL EVER!
http://www.calculatedriskblog.com/2015/05/hotels-best-april-ever.html
And I cannot really figure out why. Consumers are not exactly being bullish otherwise and it is not like a lot of foreigners from Greece are visiting to take advantage of the bad exchange rate, so I am scratching my head (or other parts). Either way, it is good news and hiring for hotel staff, restaurants and the like is one of the bright spots in the hiring picture, so definitely a good thing.
And speaking of restaurants, the Restaurant Performance Index has been doing fairly well also.
http://www.calculatedriskblog.com/2015/05/restaurant-performance-index-increased.html
People have got to eat and eat they shall. Apparently all those folks staying in hotels are eating out at restaurants.
Banks are also okey dokey. The list of "problem banks" is down to 324, a nice hefty 35% drop from just a year ago.
http://www.calculatedriskblog.com/2015/05/may-2015-unofficial-problem-bank-list.html
And so, this fine Sunday paints a glorious, upbeat, bright - I want to live there - kind of future (until tomorrow).
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