If the criteria used for deciding whether the recession-depression is over is focused on bonuses for banks and Wall Street executives, then, hallelujah, the good times are rolling. But, if the criteria is people getting jobs, um, well, that isn’t happening (courtesy of The Wall Street Journal):

Companies across the economy are holding off on hiring even as the profit outlook improves, amid economic uncertainty and their own success at raising productivity in rough waters.

Hiring always lags behind in economic recoveries, but the outlook this time is worse, many economists say. Most forecasters now expect a prolonged period of high unemployment, even though the government is expected to report next week that the economy grew in the third quarter, after four quarters of contraction. That is sure to frustrate the jobless and could be a problem for the Obama administration. 

There are several major factors behind the trend, which is coming on top of sharper-than-expected job cuts in the recession. Many businesses have nagging doubts about the durability of the upturn, attributing much of the recent growth in orders to a move by their customers to rebuild inventories and to government stimulus spending, rather than underlying strength in their markets. [emphasis added]

   If the economy is about sharing prosperity, first and foremost, then, talk of a recovery can’t begin until people have real jobs again.