According to the EU, Europe’s economy probably returned to growth in the current quarter after governments spent billions of euros to pull the region out of the worst recession in more than six decades.  Germany and France unexpectedly returned to growth in the second quarter. It also looks like Italy probably emerged from the recession during the third quarter as well.

Economies in Asia and in India are also showing signs of growth despite continued sluggishness in Japan.

Conditions in the US are becoming less terrible. Consumers continue to hunker down, building up a savings cushion and paying down revolving debt.  However, it really looks like July was the bottom that finally ends a recession that started in December of 2007.  

A lot of this recovery is a consequence of the fact that consumption fell so dramatically in 2008 and people finally have to buy things they need in 2009.

Looks like we are finally beginning to see a sustainable but sluggish recovery.