Don't cheer up – the bounce isn't happening

House prices went up again last month , says the Nationwide. Drinkers are drinking again, says brewer and pubs group Young's. The World Cup starts next week and the sun is shining. Is everyone feeling cheerful about the economy? Not on the evidence of today's survey from the services sector. Growth in new business was the slowest for nine months and the employment readings were weak. Explanations are available – volcanic ash and the general election – but they can't disguise the fear that the big bounce-back is just not happening.