Last
weeks revised first quarter 2014 Gross Domestic Product number confirmed the
U.S. economy contracted at -1.0%, revised from an original reading of
.1%.  This was the first time US GDP slipped into negative territory on a
quarterly basis since 2011.  Many economists believe the stall occurred
due to the brutally harsh winter.  The remainder of the year will dictate
if they were correct.  Other releases included US Personal Income which
increased at .30% in April over the prior month and Services Purchasing Managers
Index increased to 58.40 in May from 55 in April.  For housing data
releases, Pending Home Sales month-over-month rose .4% and the House Price
Index rose .70%.