All the evidence suggests that the US economy has bounced back during the past few months, after its weather-induced slump. Business surveys have remained buoyant, credit growth has accelerated and employment has picked up. In contrast, the euro-zone’s recovery, which was already pretty anaemic, has lost some momentum. The divergence between the two economies is reflected in the core inflation rates, which have been rising in the US but remain exceptionally weak in the euro-zone.
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