The July jobs report, and boy was it good! 163k jobs were added in July, far more than the 96k predicted (the same as last year). The summer doldrums are apparently not hitting as hard in 2012 after all.
It’s not fantastic growth by any measure, but it means that we are still treading water – not drowning counts for something, at least. More importantly, it got us out of the pattern where the summer slowdown sat on the economy like a mini-recession that gave us little hope for the pick-up in Autumn.
What changed? It’s hard to say. But we can make a few guesses.