Will the employment recession last another three years?

During the last recession in 2001, there were 22 months between the time that GDP started growing and the time that job growth resumed, according to The Boston Globe. Of course, this current recession has been far worse, so it could be three years before we start to see job creation.

This comes to mind in analyzing today's report that GDP grew 3.5 percent in the third quarter. It certainly helped that durable goods spending spiked 22.3 percent, as the Associated Press reported, with help from the $4,500 cash-for-clunkers rebate program -- and that housing constructing spending soared even higher, up 23 percent, thanks to an $8,000 first-time home purchase tax credit, according to Bloomberg.