Unfashionably late and overhyped, again.

Bottom line. Not only is there light at the end of the tunnel, but we’re emerging from the tunnel. However, it’s going to take some time to adapt to the sunlight after nineteen months in the cave.

And, for accuracy’s sake, we should remember that it’s a panel of experts at the National Bureau of Economic Research that calls the troughs and peaks of business cycles, not Newsweek or anybody else. They use a dashboard of economic indicators and gut judgment. So, a few consecutive quarters of robust Gross Domestic Product growth followed by anemic growth and continued job losses do not mean that the recession is over. Consequently, it may be years before any “official” declaration is made, if a declaration is warranted.