March 15, 2012 Topics: Is US data as good as it looks? Is Chinese data as bad as it looks? Is European data as bizarre as it looks? What a diff’rence a day makes. Ever since the ECB giftwrapped 650 billion Euros for EU banks, the news has been pretty good, particularly in the US. Most of the market’s focus is on the US consumer, for the simple reason that US households are the largest single economic force in the world (see table). Even after deconstructing the labor report for