The POR, or Point of Realization, should be getting close. The flow of data is starting to be compelling. Jobless claims up, help-wanted advertising down this morning.

“Overall economic momentum is no longer firing on all cylinders,” said Conference Board Economist Ken Goldstein, “and hiring intentions this summer are suggestive that companies may not increase hiring until the economy regains more solid footing.”

No kidding. But the bullhorning from the administration - “Just a soft spot, nothing to see, move along, please” - is nearly continuous. A stream of fed governors - Easy Al himself tomorrow, no doubt - and of course the overwhelming interest by the Bush camp in maintaining the illusion - are providing a continuous propaganda assault on the masses. Can they keep it going until the election? Not at all clear to me. Depends on the employment report next week. My guess is that the fix is in, though, this data will be a flat lie or Ms. Chao will be out of a job next year. If the truth is told there will be a loss of jobs.