The April employment report, while dismal by conventional measures, is the strongest evidence yet that the recession is moderating; employers cut 539,000 jobs, the fewest since October. That, combined with other signs of economic progress lately, suggests that the chances of a Great Depression-style economic catastrophe have become more remote than they seemed just two months ago, and that forecasts that a turnaround will begin later in the year have a greater chance of coming true.
The recession has entered a new phase, pulling away from an economic abyss into a period of steep, but orderly, decline.
Now there's a phrase you can relax to: the economic decline is steep, but orderly. Taranto quipped:
Hmm, maybe that's catchier as an acronym: "Don't sweat it, it's just a Posbod."