This past summer, economists, bloggers and the entire staff at CNBC seemed to be loosing their shit over the prospect of a second recessionary period.Alas, this “double-dip” into a second recession didn’t actually occur. In fact, the numbers in the market continued an overall positive trend, despite the severe strain of the European debt crisis, frustratingly high unemployment numbers and an ever-falling pricing on homes and increase in foreclosure.

Despite these events, Kevin Kliesen at the Saint Louis Federal Reserve Bank sees signs for relief.

In short, while the late-summer recession scare appears to have been a false alarm, it may take awhile before the economy returns to full employment.

We’re obviously in for a long period of recovery, barring some great increase in home ownership or the government finally gets around to modifying everybodys mortgage*.

Still, signs for hope.

*This is a personal pipe-dream that I feel would be a great way of settling skittish markets.