Amidst all the heavy breathing over Karl Rove and other items, a brief summary of good economic data, gleaned from various sources: The federal deficit is shrinking. It's down by at least $100 billion because federal tax receipts have skyrocketed this year by 14.6% (or $204 billion) through June. Corporate tax receipts are up over 40%. Private economic forecasters now believe the budget deficit may come in at about 2.5% of GDP, which is in line with the historical average for the past 40 years. The Labor Department said this past Friday that the U.S. jobless rate fell to 5% in June, the lowest since 2001. The annual average for monthly increases in non-farm payrolls continues to hover around +200,000. Over the course of June, the weekly volume of initial jobless claims shrank by about 40,000 The growth of higher-paying hourly jobs is outpacing that of lower-paying jobs for the first time in nearly four years, according to an analysis of Labor Department data by the Economic Policy Institute. A good stock market recovery, especially in 2003 and 2004, with shareholder wealth rebounding by roughly $2 trillion since the market collapse that began in 2000. Month over month Factory orders were up 2.9% in May. And long term trends in factory orders continue to look good...and the year over year changes reported monthly remain in the +5% to +15% range.