Data from both China and the European Union showed that any post-recession slowdown will not turn into another dip. A few months ago, slowing PMI and EU economic numbers that dropped like a rock worried experts around the world.

HSBC’s PMI figure showed China’s PMI at 51.2 in September, well above the 50 level, which is the break between contraction and expansion.

The Markit figure for EU PMI for the same month was 52.1, a 27-month high. Germany’s figure was 53.8, an eight-month high, and a number that shows the nation is in rapid expansion. Put together with GDP data and employment figures, and Germany is in better than a modest recovery, and well out in front of the balance of Europe. The rebound in all these numbers is what helped Angela Merkel be reelected.

As U.S. GDP and PMI figures have been mostly positive and unemployment, while high by historic standards, continues to drop, the global economy looks much better it did than six months ago.

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