Google CEO Eric Schmidt has said that the worst of the advertising recession is over, pointing to signs of recovery in both Europe and the United States.

Schmidt indicated that search engine megalith had increased its hiring and investment in anticipation of a recovery, speaking to a group of reporters in New York.

Schmidt admitted that Google first started to see signs of a recovery in May and June, following a period in which the slump in advertising spending undercut the company’s revenue growth and the price of its search ads.

“The worst is behind us. We’re clearly seeing aspects of recovery, not just in the US but also Europe,” stated Schmidt.