The economy has turned a corner, all right: and slammed into a brick wall.
Update More on this from Brad DeLong. Not only as the July number lousy, the lousy June number previously announced just got revised down (78,000 instead of 112,000, against an expectation of 250,000). Brad points out that the Administration is now 1.5 million jobs short of the forecast it made — and he made fun of — six months ago.
Second update Jane Galt thinks this is big news, politically: her headline reads The Bush Toast-o-Meter goes to “Extra crispy”