Strong first quarter profits by companies across the economic spectrum suggest the U.S. economy is indeed bouncing back.

Companies in the Standard & Poor's 500 reported 76 percent higher earnings over this time last year.

Analysts say the strong showing is not due to layoffs, but because people are spending more.

The companies range from those that make appliances to vacation cruises.

Financial experts say it's 'legitimate proof' that the economy is improving, but hiring isn't expected to increase until 2011.