Recent economic numbers point to some progress in home sales and other key areas, but is it enough to prove America is turning around from a recession?
According to President Barack Obama, there's still work to be done, although progress has been made.
Monday, Obama opened two days of high level talks with Chinese officials saying the U.S. and China need to cooperate in an effort to lift the global economy out of a recession.
While the countries have not seen eye to eye on certain trade issues and the U.S. budget deficit, Obama emphasized that a mutually beneficial relationship is critical to the global economic recovery.
"As Americans save more and Chinese are able to spend more, we can put growth on a more sustainable foundation," he said. "Because just as China has benefited from substantial investment and profitable exports, China can also be an enormous market for American goods."
In the U.S., new home sales have jumped 11 percent from May to June, which some see as a sign that the broader economy is finally bouncing back.
According to the Wall Street Journal, the U.S. economy shrank for a fourth consecutive quarter, but at a lesser rate than before.
While this week's Newsweek magazine is heralding the end of the recession, economists still predict Americans will have to endure more financial pain.
"Likely, we're looking towards a period where the economy is growing, more GDP (gross domestic product)," said economist Paul Krugman. "You wouldn't call it a recession exactly but going to feel like a recession for, because in fact the job market is getting worse."
Analysts add that until the jobless rate turns around, headlines like the ones shown on Newsweek Magazine may be few and far between.
*Originally aired July 28, 2009