There are bright notes in the economy

"Markets have staged a surprising turnaround," an Economist Free Exchange blogger writes.

You'd be hard pressed to find anyone that has anything positive to say about the American economy. GDP growth seems to be stuck below trend, and recent employment growth has been too slow to bring down the unemployment rate. No one thinks this economy is good. And yet, it's difficult to avoid noticing a hint of positive movement in the data.

For the last couple of weeks, a few key datapoints have surprised to the upside, including industrial production, consumer sentiment, and employment growth. Markets have staged a surprising turnaround. American equities are up over 10% since October 4th. Government bond yields are rising from record lows, indicating a bit more appetite for risk and greater expectations for growth.

Read more from the Free Exchange blog from The Economist and find out more "bright notes" in our economy.