Europe is in a recovery as Spain demonstrates uptrend

Today’s commentary
When the Eurozone moved toward the backloaded austerity paradigm, last Spring, I started to change my tune on Europe. In June, I wrote that we should watch second derivatives in the Eurozone, because the change in change numbers are  a harbinger of a phase shift between recession and recovery. As with the US recovery in 2009, I have been cautious about calling this a recovery because we are still at stall speed. However, recent upbeat eurozone data signal the recovery in Europe is for real.
Eurozone economic data
As with the US in 2009, I have to caution that a technical recovery won’t feel like a recovery to most. That’s because a recovery begins just as a recession is ending, and a recession is a period of diminishing economic activity. Recovery, thus, starts from a...


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