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Sunday, January 23, 2011

With More Jobs Coming In 2011, It May Finally Feel Like Recovery

Washington - America's slow climb from the depths of the Great Recession appears well under way.

As fears of a double-dip downturn fade, even the most pessimistic experts are asking how far and how fast will the U.S. economy recover this year?

Finally, after months with the economy essentially stuck in neutral, there are encouraging signs: Employers are beginning to add jobs, from manufacturers of steel, cars and heavy machinery to online retailers and high-tech firms.

But like a massive cleanup after a natural disaster, righting the nation's economy after losing 8 million jobs will be a long, painful process for millions of job seekers.

The worst economic downturn in a generation has sorely tested the patience and resolve of American workers, and analysts say it could take another five years before the unemployment rate returns to a "normal" 6 percent.

The recession officially ended in June 2009 — more than a year and a half ago — but it hasn't felt like it. In a new monthly poll by Marist College, 71 percent of adults still think there's still a recession.

The same poll, however, found that 54 percent now think the worst of the economic downturn is over, compared to only 39 percent who felt that way in December.

That one-month spike in public confidence may be the lagging indicator that shows the nation is turning a psychological corner on economic gloom and doom.

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