This upturn is no thanks to the banking system. Thursday's figures from the European Central Bank are likely to show that lending to the private sector has fallen by around 2 per cent in the past 12 months. Even here, though, there might be encouraging signs. Lending did not fall last month. If this is repeated, it would raise hopes that the credit squeeze is almost over.
In the UK, the biggest news should be that inflation is very low. Tuesday's figures should show consumer price inflation is still below its 2 per cent target, but the more spectacular numbers will be for the manufacturing sector. These could show that output price inflation has fallen to around 0.8 per cent, its lowest rate since the end of 2009. A big reason for this is that a strong pound and lower commodity prices have reduced input costs; these should be 4 per cent down year on year.
Traditionally, low inflation raises consumer spending by reducing households' urge to save. We could see this on Tuesday when the CBI reports that retail sales grew in March, albeit less well than in February.
This growth, however, is sucking in imports. Friday's figures will show that the UK ran a big current account deficit in the fourth quarter of last year, implying that we are borrowing from overseas. But it is not companies that are doing this borrowing. GDP figures on Friday will show that they are still running a big financial surplus - retaining more profits than they are investing in new capital. A sustained, healthy recovery requires that this surplus falls.
In the US, we should see signs of a cooling in the housing market. The S&P/Case-Shiller index could show that house prices have been flat in the last four months, and sales of new homes could have fallen last month.
We'll see on Tuesday whether this is affecting consumer confidence. It's possible that the improving labour market has raised this to its highest level since early 2008 - although sentiment will still be way below its 2007 levels.
Other figures should show that the US is seeing steady growth. Durable goods orders on Wednesday could post a rise after two months of decline. And Friday should see small rises in personal spending and incomes.
