he's bernard baumohl, chief global economist, the economic outlook group. >> later this week, we get to see whether the recent improvement in the job market has continued into the new year. many analysts have already concluded that labor market conditions have turned the corner, now that the economy is on a stronger footing. while the job numbers have looked better lately, to say it has turned the corner, i believe, is way premature. that's because the concerns that kept employers from ramping up hiring last year are still with us today. for example, it is true consumers spent more freely during the holiday season, putting smiles on retailers. but that shopping has been financed largely out of savings and more debt, not a healthy foundation for future spending-- especially with real incomes on moreover, the political food fight in washington has made future tax and regulatory policies more inscrutable than ever, and that will interfere with business investments. more ominous is the real danger that a european sovereign debt default which could trigger another global financial meltdow