Last week was the best of times and the worst of times. Just as it looked as though the US recoverywas finally moving into a higher gear, as credit conditions eased and the fiscal drag faded, the142,000 gain in August payrolls sparked fears of another false dawn. With economic growthapparently running at more than 3% annualised, however, we strongly suspect that the modest gainin August payrolls was an isolated blip, particularly as other labour market indicators have remainedat relatively strong levels.
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