Eurozone's Longest-Ever Recession Comes To An End

[Purveyor]

Source: Associated Press

MADRID (AP) -- Minube, a travel startup on the outskirts of Madrid, is doing something that many Spanish companies haven't thought about for years: It's hiring.

The company, which sells bookings as it helps travelers share their experiences using social media, has nearly doubled its headcount from 17 at the end of last year to 30. Business is booming as customers come in from across Europe - including some places hardest hit by Europe's economic crisis.

"We're finally starting to see a bigger growth curve in Spain, and the strong growth in Italy has been a surprise," Minube's co-founder, Pedro Jareno, said. "The improvements we are starting to see in the market are constant."

That brighter - or less gloomy - backdrop was confirmed in figures Wednesday, which showed that the longest-ever recession to afflict the eurozone came to an end in the second quarter of the year.

Read more: http://hosted.ap.org/dynamic/stories/E/EU_EUROPE_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-08-14-10-37-25

[DainBramaged]

1. Right tell the folks in the rest of Spain that

The depth of Spain’s crisis is such that the country, with 11% of the euro zone’s GDP and a population of 47 million, has 5.9 million unemployed (around one-third of the zone’s total jobless), whereas Germany (population 82 million and 30% of the GDP) has only 2.8 million jobless (15% of the zone’s total).

Spain’s unemployment rate of 26.2% is the highest in the developed world (more than double the euro zone average) and five times higher than Germany’s rate of 5.3%, the lowest since reunification in 1991, and it is forecast to remain at around this level for several years.

http://blog.oup.com/2013/08/spain-unemployment/

[RussBLib]

2. What a coincidence! JUST when they finally abandoned austerity

..and look what happens. As long as they were practicing austerity, they got recession. When they finally switch to pro-growth policies, well, well, well, there is growth!

Will the austerity asses get the message? Doubtful.

[Kelvin Mace]

3. For now

But it will be back as soon as the banks re-establish control.

[alp227]

4. Ha. They said the US recession ended in JUNE 2009!

http://money.cnn.com/2010/09/20/news/economy/recession_over/index.htm
http://www.nber.org/cycles/sept2010.html
http://www.ritholtz.com/blog/2010/09/its-official-recession-ended-june-2009/

Who knows if this declaration is too soon??