As good as this news is (especially considering the oil situation), even better to my eye are the industrial production value and total manufacturing value numbers. After the dismal 2001-2003 years, 2004 showed some strength, and 2005 may actually be a record in nominal dollars, although I don't think it will exceed 2001 in real dollars. However, I will be glad to see even a record in nominal dollars.
The fly in the ointment for me is that it looks the federal budget is going to pass our industrial production gross value for the first time either this year or next, and at the staggering rate the federal budget is growing, it will probably pass our total manufacturing value in another 5 or so years unless manufacturing really picks up.