" In explaining this, they say - in effect - that they looked at what the output gap would be, on the basis of their previous "cyclical indicators' approach, and decided it wasn't plausible.

BBC: The Bank, the OBR and Mr Osborne

"The fact that (overall unemployment) rose again despite indicators showing a cyclical recovery in Spain clouds the outlook for the economy and does not bode well for demand, " said Silvio Peruzzo, economist at Royal Bank of Scotland.

BBC: Spain's jobless level hits record high

FedEx is a component in the category of cyclical stocks, which also includes railroad carriers and aviation stocks like CSX and Boeing, that serve as indicators for economic improvement in the shipping and transportation industry.

FORBES: FedEx Beats With Strong Outlook