Last November, the Bipartisan Budget Act of 2015 (BBA) was signed into law averting a United States default and deferring further discussion of U.S. debt and spending levels until after 2016’s presidential and congressional elections.

When Mark Twain’s death was reported in the United States, he was alive and well in London. He responded to news accounts with a note saying, “The report of my death was an exaggeration.”

Last week’s jobs data suggest the same is true of reports that a recession is imminent in the United States. Barron’s explained: