America's Back!

America is Back! Newsweek declares last month. Cover-story author Daniel Gross says the economy is making a strong comeback, defying the odds and surprising the naysayers. "The turnaround we've had since [Lehman Brothers' bankruptcy], while not completely satisfying, has been pretty remarkable," he tells Henry Blodget in the accompanying clip (see the Video HERE). 

His summary points:  

• The economy is growing.
• The Dow Jones Industrial Average has rebounded 60% off the bottom
• Job creation. 162,000 jobs were created in March. That's a long way from losing 800,000 per month at the height of the panic. Job growth "is going to be slower than many people would like it to be but I think it's going to be faster than many of the professional forecasters are expecting it to be," he says.
• Productivity. From the fourth quarter of 2008 to the fourth quarter of 2009, productivity rose 5.8 percent.

Magazines don't have a great track record with their predictions. Business Week's "The Death of Equities" cover story in August of 1979 ushered in the greatest stock market bull run in history.
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