Economic Turnaround: Jobs in Sight?

Stock market up 340 points today following European debt agreement.
3:00 | 10/27/11

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Transcript for Economic Turnaround: Jobs in Sight?
Signs of life in our economy starting when the stock market on a chair up 340. Points today. October is now on track to be the single best month in 25 years 25 years. A rally fueled by good news overseas in Europe and here at home to. We learned today that the American economy grew faster than expected over the summer not -- yet but it growth spurt that is tamp down fears of a second recession. Still the big question tonight will this momentum translate into jobs and the -- America's been waiting for ABC's Dan Harris starts us off. If the country is looking for somebody to thank for this update how -- this guy's name is Alan Goldberg and He was out today in Los Angeles. Looking to buy a brand new four. I just bigger today's -- -- and I've -- saving. Price is right the deal was dead Allen's purchase is good not only reduce dealership but also for forward which today -- -- its ninth straight. Profitable quarter. And it's not just cars computers are flying off the shelves and businesses are stocking shelves for the coming holiday rush. After so many months of people saying I'm freaked out I'm worried about the economy I'm not spending it appears that people are now spending why is that. You can only. Patch up year old suit -- old pair of shoes -- so many times and can only patch up your car for so long before you eventually have to. Purchased. New items. Consumer spending is the main reason the American economy grew at a 2.5 percent rate from July to September. Before today the American economy was on an unsettling roller coaster ride. Since the dark days of summer when we had that near government shut down that huge drop on Wall Street and rising unemployment reports. We've been living in fear of another sickening soul crushing drop back into a recession. But today the roller -- appeared to be heading back -- with the economic growth report and some news out of Europe. Just days ago politicians there were literally coming to blows over the continent wide debt crisis. Early this morning however the politicians had to deal averting a meltdown which could have easily -- to America. It's all good news for -- but we cannot forget that there are still fourteen million Americans tonight. Who are out of work so we're not gonna solve the massive unemployment problem right now but we are heading in the right direction we are absolutely heading in the right direction. So why are economists optimistic about jobs because as consumer spending picks up companies have to hire more people to meet that demand and that creates a virtuous cycle of more employment. And more spending and more employment and we're spending -- we could be back. Could be back at normal levels of unemployment in three to four years in the meantime though a lot of people in a lot of pain. No question about it long slow climb.

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

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