Things are still in a downward spiral in China in terms of job losses, exports, housing prices, stock prices and so on, but there are small, but hopeful signs of a pickup in the US, where most of those exports end up.

It's a bit of a stretch but the good news is that the final customer may be opening his wallet in the not too distant future.

Combined with early signs that the Chinese government’s infrastructure spend is beginning to kick in, we may be looking at a better hiring and retention environment in a few months.

Job losses are fairly serious for non-professional staff in China, but for professionals it is the hiring freeze that is causing angst. That may soon be on the way out, and it only takes the stroke of a pen to end a freeze.

This graph below shows the trend lines for job losses in six recessions and a depression in the US. The evident uptick is heartwarming, and confirms previous suggestions.