Even though the US economy is still struggling under the weight of the current recession, some countries are starting to see some positive signs. According to today's NY Times, Australia just reported employment grew for the second month in a row (Sept. and October). Experts expect the Australian unemployment rate will peak just below 6 percent (compare that to the current 10.2% in the US). The central bank has also been raising interest rates.
In China, the real estate sector is surging. Property sales and new construction were up and investment in real estate rose 18.9% for the first 10 months of the year. Economists pay attention to the property data because real estate, which is dominated by private firms, accounts for more than 20 percent of fixed-asset investment, the main engine of Chinese growth in recent years.
While Chinese exports are down over 20%, increases in domestic retail sales have exploded by over 30%.
As the largest country in the world, China has a population estimated at 1.338 billion. Australia ranks 54th with an estimated 21.262 million.
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