Monday, May 06, 2013

Europe's 'black economy' shrank in 2012

Don't go to sleep thinking US unemployment numbers "look better" or that Wall Street seems to have a taken an upward stride... or that gasoline prices are going down. The recession is not over yet. Too many people are out of work and aren't counted anymore. The stock market can be manipulated by many things, analog and digital. The farther gas prices drop, the closer we are to the next disaster that sends them through and over the 4-dollar-a-gallon price point.

But what about "illegal work and undeclared transactions" on American soil? Does the health of underground exchange reflect or predict the health of the overall economy?

Paris [Agence France-Presse] — Undeclared economic activity, the so-called "black economy," in Europe shrank last year to 19.0 percent of declared output from 19.3 percent in 2011, a study for the Visa credit card company indicated on Monday.
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