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The VocaLink take home pay index increased to 3.4% in December from 3.2% in November. Despite this month's slight increase, 2007 has proven to be the weakest year for pay growth since the inception of the VocaLink take home pay index in 2005. Last year saw take home pay increase by just 3.5%, this figure falls considerably short of the 4.1% increase in 2006 and 4.6% in 2005.

Higher interest rates in December enabled typical U.S. pension plans to finish both the month and the full year in better shape than they were at the beginning of both periods, according to BNY Mellon Asset Management, which tracks the health of the pension plans through its BNY Mellon Pension Liability Indexes. Higher interest rates decrease the value of plan liabilities and bonds.

comScore, Inc. released its final update of holiday season e-commerce spending for the 2007 holiday season (November 1 - December 31). $29.2 billion was spent online during the holiday season, marking a 19-percent gain versus the same period last year.

Online recruitment activity in the UK rose sharply in December, as the Monster Employment Index added five points, continuing a two-month upward growth trend.

With all the recent negative economic reports from financial services firms and from major retailers about lower holiday spending, it is not too surprising that Americans are not confident about the 2008 economic outlook. When asked to compare to last year, only one in five (21%) indicated that they feel more secure financially now, and only a minority (15%) believe the economy will improve in the coming year.

US online holiday sales were up, but they were way up in the UK. According to poll of UK online retailers, conducted by Actinic, respondents saw a 27% rise in the number of customers buying online this holiday compared to the same period in 2006.

The Monster Employment Index Europe held steady in December, remaining at a level of 155, as sharply increased online recruitment activity in the UK and Sweden offset a significant decline in Germany. Meanwhile, the Netherlands saw a three point increase and France saw a one point dip.

In order to finance and stimulate innovation of small and medium-sized enterprises (SMEs), the European Commission has proposed measures to boost cross-border investments of venture capital funds. Up to now venture capital funds, which are vitally important for the financing of growing innovative small companies, face too many problems to overcome different national regulations for cross-border fundraising and investment. For this reason they often don't reach the necessary critical mass. Therefore the European Commission advocates a broad partnership with and between Member States to work towards mutual recognition of the current national frameworks for venture capital funds.

In December, the Economic Sentiment Indicator (ESI) continued to weaken in both the EU and the euro area. It declined by 0.4 of a point in the EU and by 0.1 of a point in the euro area, to 107.1 and 104.7 respectively. However, despite the decline observed in the second half of 2007, the indicator remains well above its long-term average in both areas.

The euro area (EA13) seasonally-adjusted unemployment rate stood at 7.2% in November 2007, unchanged compared with October. It was 7.9% in November 2006. The EU27 unemployment rate was 6.9% in November 2007, the same as in October. It was 7.7% in November 2006.