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So much for the outbreaks of doom and gloom in Australia, China, the US and parts of Europe last week about economic growth, jobs, central banks, the impact of winter, the loss of the car industry in Australia, and fears about the stability of emerging markets.

This week the December 31 reporting season for interim and full year profits hits full stride with nearly 100 major companies due.

The odd glimmer of light in the January jobs report yesterday, with the unemployment rate up to 6%, with 3,700 jobs estimated to have been lost last month.

Now, despite the relief heard around the world at the January trade figures from China yesterday, which were better than forecast, there are a couple of factors which need to be considered.

More evidence that the Australian economy is starting to do better than forecast by the Federal Government and many private economists with a solid finish to 2013 for home lending, another rise in house prices, a fall in bad debts at the ANZ bank and another upbeat report on business conditions from the NAB’s monthly survey for January.

Another big week in Australia ahead to be dominated by the jobs report for January, and the first major week of December half and full year reporting companies, led by the Commonwealth Bank, Telstra and Rio Tinto.

Yes, the Reserve Bank reckons the outlook for the Australian economy has improved since late last year – something we have already remarked upon given the better data flow in the past two to three weeks.

For a week that started so terribly with that huge fall on Monday (and a couple of more days in Australia), last week ended on a surprisingly upbeat note, especially in the US.

More evidence yesterday that the economy is doing better than many analysts and consumers think it is.