The U.S. economy grew at 0.6% in the first quarter, matching the fourth quarter of 2007. This is an anemic growth rate. Despite all of the negatives dragging on the economy (housing deflation, high fuel costs, high food costs) we have still not entered into a period of contraction.
It would be nice to see some positive economic news that might signal a return to a period of higher growth. But it is hard to see any.
Locally, the economy still bustles. High oil prices are good for west Texas, and despite the high costs of fuel and fertilizer, high prices for crops is also a boon to our region. If we have a year of rain even close to 2007 this should be a good year for the farmer. With the added benefit of perhaps being able to get the wheat crop out before it rots in the field (2007's good crop largely spoiled in the field due to excess moisture.)