Europe: ECB Steady For Now

In the United States, the unemployment rate appears to be topping near the important level of 10.0%, although temporary upswings are possible. In Europe, exports are increasing, but the economic recovery stays uneven.


U.S.: Unemployment topping?


The global economic growth is gaining momentum, supported by China, India and Brazil. With exports increasing, the Gross Domestic Product (GDP) will move toward 3.0% this year, after having performed poorly in 2009. Domestic demand is on the move as well, although it still remains subdued by tight credit and high unemployment rate. Its success would be critical in rebalancing economic deficiencies. Nevertheless, in December, the U.S. economy has lost 85,000 jobs with more than half coming from the private sector. Although numbers were expected to remain unchanged compared to the previous month, losses are decreasing from the beginning of 2009. Revisions, at the contrary, were mixed. In fact, while November manifested to first gains since 2007 with 4000 new positions, October showed a drop of 127,000.