Economy growing: No champagne flowing
Just, barely, by the skin of its teeth, the British economy is growing again. You may have noticed though that no champagne is flowing in Westminster.
The government has chosen a grim-faced chancellor to front the news rather than a triumphant prime minster.
It's not just that growth is a meagre 0.1% and it's not just that growth could come to a halt and reverse by the time the next figures are published, inconveniently for the government on the eve of a May election. They may go backwards thanks to the effect of the rise in VAT, a snowy start to the year and post-Christmas belt-tightening.
It is also that Labour's political strategy now is to emphasise the fragility of recovery in order to warn of the dangers of cutting spending too far and too soon.
It's interesting to note therefore that the Tories are softening their rhetoric, talking of making a start to cutting this year. Perhaps they've been listening to the former Chancellor Ken Clarke who told the Sunday Times this weekend "it's no good trying to win brownie points by offering great cuts that are going to have calamitous consequences."
These are words that Labour is sure to be replaying again and again.
But of course the danger of emphasising the fragility of the recovery is that some voters may note that we are still not securely out of the longest and deepest recession since the war and may conclude that the current custodians of the economy can no longer be trusted to finish the job.