Everything is FINE now? Do you hear me? It's OK NOW. You can start to look somewhere else.

"The most hopeful jobs report since last summer suggested Friday that the recession was ending, but the recovery will be marked by a still-rising unemployment rate and tens of thousands of job losses each month until next year.
The American economy shed 247,000 jobs last month, the smallest monthly toll since last August, the government reported on Friday. While businesses are expected to keep cutting positions through the rest of the year, the Labor Department’s latest figures offered hopeful signs for the American worker and a measure of relief to the Obama administration, which has faced rising criticism as unemployment blew past its earlier projections."

NY Times: Job Losses Slow in July, Signaling Shift in the Economy, August 7, 2009

Along the same lines:

Salon: Things are worsening more slowly, August 7, 2009
Economist: Glimmers of Hope, August 7, 2009
Financial Times: US unemployment rate drops to 9.4%, August 7, 2009

But how do things look in Europe, you ask? Possibly comparable to the headlines above, at least in Western Europe.