The US jobs report this past week was euphoric. While most all economists had predicted a further rise in unemployment, it actually dropped - and considerably. This propelled the stock market to even higher levels than had already been reached.

Thereafter, it was announced that a big mistake had been made in calculating the unemployment rate, and it was actually some 3% higher than originally reported. This was very disappointing, but the rate was still lower than expected by most observers.

What can be said of all this? First, as we regularly emphasise, this is a one-of-a-kind recession an...