Someone's Been Producing In MY Economy...

The Commerce Department released preliminary 1st quarter GDP growth data this morning, adjusting the previous estimate of 4.8% to an even swifter 5.3%.

This is happy news.  Before the release, economists expected the revision to push the number as high as 5.8%.  That the revision split the upside difference provides compelling evidence that the economy zoomed out of its 4th quarter slowdown, while mitigating inflation fears more than a figure close to 6% would have.

Not to be outshined by the good news at Commerce, the Labor Department released new jobless claims data this morning, showing a seasonally adjusted 11% plummet from the previous week, with applications down 40,000 to 329,000.

The market's happy.  So should you be.