Leave it to the adman to latch on to a clever tagline. Sir Martin Sorrell’s embrace of the idea of a “LUV”-shaped recovery is the latest attempt by the boss of WPP, the world’s biggest ad agency, to frame the shape of the post-recession economy. But Sir Martin’s prediction of an L-shaped muddle in Europe, a U-shaped return to growth in the US and a V-shaped bounce in Bric economies is also entirely plausible.

In Brazil, it is as if the recession never happened. US growth looks fragile; consumer spending dropped in September as “cash for clunkers” expired. And the UK economy is stumbling. Meanwhile, most companies that have surprised with “less bad” results – this week included BP, Sony and WPP – got there the ugly way, not by increasing sales but by cutting costs and firing people. LUV can be tough.