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Nonfarm business sector labor productivity increased at a 6.9 percent annual rate during the fourth quarter of 2009, the U.S. Bureau of Labor
Statistics reported. The gain in productivity reflects a 7.6 percent increase in output partially offset by a 0.6 percent increase in hours worked. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the fourth quarter of 2008 to the fourth quarter of 2009, productivity increased 5.8 percent as output declined 0.2 percent and hours fell 5.7 percent. The annual measure of productivity increased 3.8 percent from 2008 to 2009.

GDP increased by 0.1% in both the euro area (EA16) and the EU27 during the fourth quarter of 2009, compared with the previous quarter, according to first estimates released by Eurostat, the statistical office of the European Union. In the third quarter of 2009, growth rates were +0.4% in the euro area and +0.3% in the EU27.

Mortgage rates moved lower this week, with the average conforming 30-year fixed mortgage dipping to 5.12 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.39 discount and origination points.

The Corporate Executive Board(CEB), a leading provider of best practice research and analysis focusing on corporate strategy, operations and general management issues, announced today that signs of the economic recovery are starting to surface, yet senior executives continue to be cautiously optimistic about their business’s growth, according to the latest findings from The Corporate Executive Board Business Barometer.

The European Commission selected 43 major energy projects, which will significantly contribute to the economic recovery in the EU, while increasing our security of energy supply by creating cross-border infrastructure. With this decision, the Commission grants € 2.3 billion to 31 gas and 12 electricity projects. This is the second financial decision under the Economic Recovery Package which amounts to almost 4 billion Euros. It is the largest amount the EU has ever spent on energy infrastructure.

In January 2010, compared with December 2009, the volume of retail trade decreased by 0.3% in both the euro area (EA16) and the EU27. In December 2009 retail trade rose by 0.5% and 0.2% respectively.

The Discover U.S. Spending Monitor rose 2.3 points in February to 87.5 (based out of 100), as the economic outlook among consumers improved and discretionary spending intentions stabilized. A Monitor-low 35 percent of consumers are concerned about additional expenses or an income shortfall in the month ahead, while more consumers are expecting to have money left over after paying monthly bills.

Americans are continuing their frugal ways at tax time, with the majority of middle-class consumers planning to put their refunds towards savings and paying down debt , according to the First Command Financial Behaviors Index™.

Annual average unemployment rates rose in 2009 in all regions, divisions, and states, the U.S. Bureau of Labor Statistics reported. Employment-population ratios decreased across all of these geographic areas as well. The U.S. jobless rate jumped by 3.5 percentage points from the prior year to 9.3 percent, while the national employment-population ratio fell by 2.9 points to 59.3 percent.

The European Commission has launched the Europe 2020 Strategy to go out of the crisis and prepare EU economy for the next decade. The Commission identifies three key drivers for growth, to be implemented through concrete actions at EU and national levels: smart growth (fostering knowledge, innovation, education and digital society), sustainable growth (making our production more resource efficient while boosting our competitiveness) and inclusive growth (raising participation in the labour market, the acquisition of skills and the fight against poverty). This battle for growth and jobs requires ownership at top political level and mobilisation from all actors across Europe. Five targets are set which define where the EU should be by 2020 and against which progress can be tracked.