The global economy is showing signs of withstanding a European recession triggered by the debt debacle in Greece.

The U.S. unemployment rate fell to 9 percent last month, the lowest since April, from 9.1 percent in September, the Labor Department reported Nov. 4. Chinese manufacturing continued to expand in October, based on an index compiled by the China Federation of Logistics and Purchasing. Even in Japan, the world's third-largest economy, growth is coming to life: Gross domestic product climbed last quarter for the first time in a year, rising 6 percent according to the median estimate of analysts polled by Bloomberg News.

"Barring Italy turning into Greece, we'll have a slowdown in the world economy, but a manageable one," said Jim O'Neill, chairman of Goldman Sachs Asset Management in London.