Green Shoots? Where, when and how?

What is the meaning of green shoots? In this paper we provide a statistical definition of this term which allows us to analyze where, when and how the recovery started. With the same methodology, we coform that the symptoms of recovery are clear in the US, the Euro area and Spain with some differences in timing. In addition, we find some leading behavior from the quotes in the press to the actual confirmation of the data, even when the data include variables with clear expectations contents.