What if the economy actually is getting better?

Last week I greeted a couple pieces of good economic news, the reports that GDP grew 3.5% in the third quarter and house prices rose 1.2% in August, with a shrug and worries that things might be about to take a turn for the worse. So it seems only fair to point out that, this week, the news has only been getting better. The manufacturing sector is going strong, and even hiring people for the first time in 14 months. Pending home sales are way up. Construction spending is up. And while Friday’s employment report for October will surely reveal a 22nd straight month of job losses, early signs are that the losses will be smaller than in previous months—possibly even below the 200,000 mark for the first time since August 2008.