Still going strong, but moderating. That's the latest word on the greater Grand Rapids industrial economy, according to the data collected in the last two weeks of May. Our index of business improvement, which we call new orders, retreated to +40, down from last month’s near-record level of +51. In a similar move, the production index eased to +40 from +44. Activity in the purchasing offices backtracked +28 from +39. The employment index rose to a four-year high of +27, up from +22. Indeed, 35 percent of the survey respondents reported increases in staffing levels. All in all, our recovery remains on track. However, it is worth reminding everyone that depressed commercial and residential construction, as well as the depressed pricing for all real estate, despite some recent improvements, will limit our recovery.