As bad as the recession has been in the United States, it's been even worse in Europe.
The latest figures show that this is the worst recession in Europe since World War II.
But some European analysts say the economy may have hit bottom -- even though unemployment is expected to keep rising.
The same is true in the U.S., where nearly 14 million people are out of work.
President Obama's budget director says the worst may be over, but he adds the economy isn't out of the woods yet.