Decline in searches for 'economic depression' hints at economic recovery

With all the continually shifting economic indicators each painting a different picture of the recession and recovery, perhaps the best way to gauge the country's progress is by listening to the word on the street.

At least that is what Larry Summers, director of the National Economic Council, cited as economic progress in a recent press conference, announcing that the number of people searching "economic depression" on Google has declined to reach pre-recession levels, said the Associated Press.

"If we were at the brink of catastrophe at the beginning of the year, we have walked some substantial distance back from the abyss," he announced at the conference.

The number of Google searches for "economic depression" had increased four-fold earlier this year, as the recession came upon some of its darkest days, according to Politio.com.

Listening to news coverage and popular opinion is not necessarily a far-fetched way of measuring economic progress, as a recent Nielsen Economic Current found that the less people discussed the recession online, the more consumer spending increased.

Furthermore, the latest Dow Jones Economic Sentiment Indicator - which also measures news coverage - rose for the fourth consecutive month, suggesting that small business financing and consumer optimism may be starting to recover.