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Think globally, act locally, but for the economy. From American public media. This is Marketplace.

In Los Angeles, I'm Kai. Rizdole. It is Monday today, the 6th of February. It is always to have you along.

We are going to begin this week with a little bit of the economic mojo we were left with last week.

Friday's what is even going on here jobs report so many new jobs and so low unemployment rate that you got to go back to the 1960s to find something similar.

We may yet have a recession this year or we may not, but for now anyway and certainly to the puzzlement of the Federal Reserve, this economy looks pretty good.

It turns out the global economy might not be doing as badly as people had been worried about either. Yes, it slowed in 2022 and maybe it will slow a bit more this year.

But as Marketplace's Mitchell Harman reports to get as go and the global economy is a big place you know and some parts of it do turn out to be doing better than expected.

Energy prices have fallen. Inflation is slowing and in many countries, COVID is no longer a serious economic drag.

The global outlook has undoubtedly improved over the past couple of months.

Neil Shearing at Capital Economics says the outlook for Europe had seemed dire with Russia's war in Ukraine making natural gas scarce and expensive.

But in the past few months, the price of European natural gas has absolutely collapsed and that really removes a substantial headwind to the US economy.

Europe has done a good job of conserving plus.

We've had an extremely mild winter here in Europe. For a large part of January, we are actually building supplies of gas and storage, believe it or not.

China, meanwhile, has jettisoned zero COVID policy, so Shearing, and unleashed a wave of consumer spending.

I think the economic rebound in China is going to be more rapid than investors and other people are anticipating.

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