Figures today added to the upbeat expectations for the ongoing recovery in the euro area. Fourth quarter employment improved rising 0.1% on the quarter from the flat previous quarter to an annual rise of 0.3% following 0.2% drop the previous quarter.

The figures are positive just with the impact of the ongoing tension on the outlook for the recovery from the debt crisis, Middle East tension, and Japanese earthquake remain uncertain and offseting the effect of positive data.