At one level, the hand-wringing is overdone. The economy is doing a bit better than June's employment report suggests. Jim O’Sullivan of UBS argues that the early date on which the job-market survey was done, combined with fewer than usual summer jobs for students, exaggerated the weakness. He notes that stockmarkets, home sales and consumer confidence are all showing the gradual improvement typical of turning-points. The deep freeze in the financial markets is thawing: issuance of stocks and corporate bonds hit $338 billion in the second quarter, according to Thomson Reuters, the highest for a year.

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