Is North Dakota's Miraculous Boom Already Over?

The Atlantic: This chart tells two stories about America's little petro state. First story: At the beginning of 2012 (much like in 2011 and 2010), North Dakota's stratospheric job creation numbers made even the next frothiest states look like they're were suffering a post-Soviet-breakup depression. Second story: Something happened in the second half of 2012. North Dakota's economy fell back to earth...

This is how an energy boom should go, you could argue. First come the core mining jobs and manufacturing jobs. Then you build the houses and roads to accommodate the miners and factory workers. Then you open restaurants to feed their families. And you build hotels to room their visitors and petro-tourists. That's not a bust story. It's a modern growth story.

Okay, fine. Perhaps that's all the North Dakota slowdown is. Chapter Two in North Dakota's modern gold rush. The state's job creation isn't weak, after all, it's just, well, average. But that's just the problem. When you're girded for a historic gold rush, average growth isn't average news. It's bad news.