The Augusta Leading Economic Index (LEI) rose 0.4 percent in June, but remains 1.3 percent below its level of June 2022. I use a three-month rolling average to smooth out very volatile local data. For example, residential building permits in the Metropolitan Statistical Area (MSA) have varied between 407 (August 2022) and 213 (December 2022) over the last year, even after seasonal adjustment, an almost 100% swing. In June, residential housing permits fell 10 percent from May. Residential building permits have been lower than the same month, one year earlier