Economic recovery is underway in both the US and Europe, according to Eric Schmidt, chief executive of Google, who judged usage of the search engine to formulate his theory.
During a conference in New York yesterday (October 7th), Schmidt stated that the worst of the economic troubles have passed if Google's advertising business can be used as a reliable indicator of the state of the global economy.
The search engine has the world's most profitable ad network and has noted an upturn in online advertising activity.
Aspects of recovery have been witnessed on both sides of the Atlantic, the Google chief explained, before suggesting that the company is set to hire more employees as a result.
Schmidt was also asked about the emergence of Bing, a rival search engine from Microsoft that has been taking an increased share of the search market each month since it was launched earlier this year.
"It's best for you all to judge our competitors," he told reporters at the conference, according to USA Today. "I would offer that our business success of just trying to do a really good job of what you do is a really good strategy."
Google co-founder Sergey Brin was also present in the Big Apple and he claimed that it is healthy for the search industry to have "many competitors".
