By now, even the most committed of recovery skeptics are realizing that they must have missed something along the way. Initial claims for unemployment have declined by 153,000 since their peak late last March, or by almost 25%. What they have missed is all of the restructuring that has been taking place over the past year that is making companies less desirous of shedding workers. Confidence is returning, activity is slowing picking up, and many companies are now leaner and meaner and more profitable. It's the natural recovery process that occurs whenever a recession hits, and it's happening in spite of all the headwinds coming out of Washington.
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