One year after stock market 12-year low, economic indicators are cause for optimism.

The economic turmoil that rumbled through our country after September 2008 was certainly one of the toughest times we've ever faced as Americans. It is easy today to remember what we felt when economists warned we might be headed into a major economic depression the likes of which we hadn't seen in decades. Most of us felt worried.

Twice since then, Congress had stepped in to try to avert that economic catastrophe by providing financial assistance for failing corporations sought by the Bush Administration and with the jobs, tax cuts and stimulus bill sought by the Obama Administration. The bill has provided a positive impact for Nebraskans in job creation, as well as tax relief that is keeping $6.7 million a week in their pockets from the Making Work Pay tax credit.

Congressional Action Helped Avert Crisis

I've had some concerns about how the Troubled Asset Relief Program, or TARP, funds were spent as well as concerns about the large bonuses given to some of the financial wizards who put our economy in a ditch. I also am not satisfied with the somewhat slow pace of spending to support stimulus projects nationwide. A quicker payout would have meant more jobs saved and created, and more economic activity in communities across Nebraska.

But if you compare a series of leading economic indicators from year to year, it's hard not to conclude that the steps Congress and two administrations took paid off.

Stock Market Hit 12-Year Low a Year Ago

America has pulled back from the brink. Today, we no longer use the "D" word for depression but instead use the "R" word, for recession in discussing our economy. By some measures, the change began on March 9, 2009. That was the day the Stock Market hit a 12-year low and bottomed out.

That day, after six months of economic decline in the fall and winter, the Dow Jones Industrial Average fell to 6,547.05. All 30 of the major companies in the Dow showed declines. Since then, the economic outlook has picked up, enabling the Stock Market to recover much of its loss. On March 9 this year, the Dow stood at 10,564.38.

Back in February 2009, the national unemployment rate stood at 8.1 percent, while in Nebraska the picture was better with an unemployment rate of 4.3 percent. A year later, the national unemployment rate is down a bit from its high of 10 percent, now at 9.7 percent, which is still far too high and must be addressed this year. A year ago, more than 645,000 Americans filed for jobless benefits in February, a number that edged down to 471,000 this past month.

Nebraska's February unemployment rate isn't yet available but the January rate was 4.6 percent, reflecting that Nebraskans in general feel the effects of recessions less than many other Americans.

Home Sales and Consumer Purchases Are Up

Across our country, the outlook for home sales also perked up, from 4.08 million single family homes sold and 4.53 million existing family homes sold in January 2009, compared to 4.43 million single family and 5.05 million existing homes sold this January.

With a sense that the worst had passed, Americans bought more at stores and restaurants, pumping money into the economy. Retail and food sales estimates, which were $313.5 billion in January 2009, rose to $355.8 billion a year later.

Rising consumer purchases tracked with a reduction of business inventories. The sales of inventories were $20 billion greater this January, a total of $346.7 billion, than January 2009 when they totaled $326 billion.

We've Turned the Corner

These facts tell a story that should encourage many Nebraskans because they seem to show that we have turned the corner. Today we have hope the recession will eventually wind down and talk of an economic meltdown is a thing of the past. Working together as neighbors, friends and fellow Nebraskans we can help return our state and country to prosperity.