Big falls in share markets yesterday were put down to worse than expected unemployment figures in the USA.
Readers of this site will not be surprised that the real economy is still struggling. In this recession in the US and the UK industrial companies have been much quicker to cut employment costs. Some have done this by agreeing unpaid leave, temporary factory closures and short time weeks. Others are simply firing many people, deciding there is too much capacity and wanting to get rid of the costs before they bring the whole enterprise down. Expect more job losses on the both sides of the Atlantic, as the green shoots do not extend to a significant upturn in industrial orders yet.