Job creation was strong in EMs, with seven consecutive quarters of growth, with strongexportdemand growth (China was the only BRIC to post slower export growth), and muted business expectations, with the exception of India, where services were strong.
It is running at two speeds: steady local demand boosted by credit and strong labor markets on one side, and a weaker industrial and export economy facing strong, imported competition and less demand from the U.S. and European trading partners.