While we are awaiting the release of the next batch of GDP and CPI data for updates on growth and inflation, it is just about impossible to imagine those results anywhere near 3 per cent, let alone being at a level consistent with 3 per cent annual jobs growth.
The end point?
Maybe the jobs data are distorted by sampling error or some other quirk? Maybe the economy has been booming all along, but no one knew it?
My hunch is something in between. The next round of GDP and inflation data will see stronger results, but these are from very low base levels. It is also likely employment growth will fade in the months ahead.
The economy is still muddling along with pockets of good news and segments of poor news. That’s about it.