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Is the American Economy on the Uptick?

GM's record profits and other reports show U.S. moving in a positive direction.
2:56 | 02/17/12

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Transcript for Is the American Economy on the Uptick?
The stock market continued to make its way toward the thirteen thousand market hasn't been this high and nearly four years and -- that. The rally from General Motors and the plunging jobless numbers all signals that the economy seems to be. Rumbling back to life. ABC's be -- ankle injury to gather together -- brain trust of recession experts to ask. Can we exhale is this the comeback everyone's been waiting for. What -- hearing is the sound of a comeback. Relief on the faces of Wall Street traders -- stocks today hit their highest point since before the start of the Great Recession. You know is getting exciting psychologically that's going to be important a lot of people. The good news isn't just on Wall Street all week long real signs the economy may finally be turning around. Jobless claims down the number of Americans filing for unemployment benefits now at a four year low it. Car sales up 28% to just this one dealership I'd say six months to a year it's just a much better the only people like -- -- lows are spending money again yeah we're. Very sad very -- -- concerns that it -- dvd player. You know -- -- -- against anything. Six and that's affected manufacturing posting new gains in -- week that saw General Motors roaring back from the dead. Announcing record profits and handing out 7000 dollar bonus checks to union workers. Who told ABC's David knew or they couldn't be happier pocket copper cut out. I think people forgot what what it's like to feel good. About the economy. Should they -- they starting to feel good right now hours a bit too early. I think people should be feeling better. The trend lines are all moving in the right direction. And he's not the only one who thinks so we asked our world news recovery panel ten of the nation's top economic minds. Is this the -- the into the tunnel is this a real recovery seven out of ten said yes once saying the economy is building good broad based momentum still we've seen glimpses of -- recovery before. -- after the roller coaster we bid on these past few years caution is the word of the day I don't. He was gonna feel great until we dug ourselves out of this hole and that's good take even under an optimistic scenarios several years. And again -- Yana hello and you were saying to me today. That gas prices of the thing to watch right now that's right our panel of experts said -- there's one thing that your recovery killer it's high gas prices I want to show you a picture that we stop the Southern California. At a gas station to see that 399 approaching four dollars a gallon. That really affects consumer behavior that's not what you wanna see what consumers are just starting to spend more money doesn't endanger the economy just have a -- -- -- the -- -- -- game yes some are projecting that we 55 dollars by the summer that is the big problem so we need to look out for that right now it's not really affecting consumer behavior but -- Of course back a changed need it. Like -- saying feel better thank you gonna.

This transcript has been automatically generated and may not be 100% accurate.

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