Pent-up demand
McGregor cautioned, however, that everything was relative and that people were now basing growth numbers on Q1, which were so low that they make almost anything look good in comparison. "Many companies are now reporting that they are back or above 2008 levels, this concerns me because consumer demand still appears tepid," he said.
"Granted, there is pent-up demand in both the commercial and consumer segments, but is that enough to propel us back to pre downturn levels or higher? I'm not sure that they are," said McGregor. "The holiday season will be the critical test, especially as many of the government programs wind down."
Meanwhile, Jonathan Hirshon, head of Horizon Communications, who has been dubbed the "Guru of Silicon Valley", was a little more pessimistic, telling HEXUS: "Things haven't been this grim since the implosion of 2001 - the difference being that this time 'round, it's going to be a jobless recovery and with muted expectations for future growth in the sector."
"The Valley has been through one of the most difficult periods in its history," said Hirshon. "While the last 12 months have seen venture capital literally evaporating, and IPOs have almost become extinct, the economy has now turned a corner."
But be warned, this doesn't mean things will necessarily be a picnic from now on. "People who are out of work now will probably need to re-structure their expectations on being hired - or consider taking significant pay-cuts to make ends meet," said Hirshon, adding that it would be hard to compete against college graduates willing to work for experience. "It's entirely an employer's market out there right now," he concluded.
Be that as it may, some of today's tech giants - including Microsoft, Google and Cisco - were founded during times of economic gloom, so it's not unreasonable to see a glimmer of optimism at the end of what has been a very long and dark tunnel.
