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Year-over-year expense growth peaked in the middle of 2011 at 64 percent. In the fourth-quarter of 2012,Michael Kors Bags, expenses were up 42 percent compared to a year earlier, according to Matt Nemer,Michael Kors Outlet, an analyst at Wells Fargo.

US Airways declined to comment for this story.

Oilfield services saw robust demand, particularly in West Texas. Texas accounted for much of the increase in U.S. drilling in the last six weeks.

While most of that reflected a gloomier outlook for the advanced economies, the World bank also downgraded its assessment of developing economies and warned them to start contingency planning in case of another global slump as bad as the 2008 financial crisis. But unless such a threat materializes, Asian officials seem content to proceed slowly.