Normally, normally the US economy summarily trounces the European economy when it comes to economic growth. In the past I've compared economic growth rates of the two regions to one another and usually the US doubles the rate of economic in Europe. I then point at Europe and guffaw making some comment about soccer or British cooking or something.
However, times are achangin'. With the housing slump now about to enter its first full year, it has taken the shine off of US economic growth, making us, well, more European. Matter of fact, Europe (bar this latest quarter) consistently and by wide margins exceeded US economic growth in the past year.
And as far as I can tell this will continue as long as that housing market continues to loom over the US economy. I better trade my blue jeans in for some crumpets.