All the complaints about unemployment and despair in the U.S. really need to be taken in context with how the rest of the world has fared during the great recession, particularly Europe. On the employment front, the U.S. really hasn’t seen much good news. Most of the gains we are experiencing in employment is due to the drastic reduction the labor force has seen, and is not necessarily due to a booming economy.
Regardless, the U.S. sits in much better shape than Europe, who is experiencing absurdly high unemployment is some nations and demographics. The NYT has a new graphic comparing the economies of the two continents over the past year, presenting the relatively positive situation in the U.S.
Stock prices are another topic and don’t really belong in a conversation involving the health of the world economy, but we can see that Europe is also suffering from a terrible outlook in the survey of manufacturers.