The August 2008 Southwest Climate Outlook from Climate Assessment for the Southwest (CLIMAS) at the University of Arizona.
This is such an easily digested overview of our climate conditions. It covers drought, temperature, precipitation (including Monsoon) and ENSO conditions.
Their summary may surprise you:
"The Bottom Line - Monsoon storms have delivered variable but copious amounts of precipitation. In many parts of New Mexico, monsoon rain is above average. These rains have helped New Mexico experience widespread short-term drought improvements. Extremely dry conditions in northern Arizona counties have harmed many crops."
To get more details from this report, you can view or download the pdf by following the link above.