The last time the U.S. economy suffered a recession was in 2001. While economic conditions today are similar, the overall outlook remains much healthier.

The last time the American economy suffered a downturn was seven years ago. The headline of the 2001 State of the Profession Survey was “Worried, Wondering and Waiting.” Just a year earlier, manufacturing was experiencing a boom period.

For instance, 2000 was a record year for automobile and light truck sales, with 17.2 million vehicles sold in the United States. But, the first few months of 2001 were entirely different than the same period a year before. The squeeze on profits from higher costs and sagging demand prompted many manufacturers to cut hours, eliminate overtime and trim staff through layoffs.

That’s exactly what happed during the first half of 2008. So, does that mean that things are the same, worse or better today than they were seven years ago? That depends on how you look at it.

For instance, if you listen to all the news reports on TV or scan the headlines in newspapers or Web sites, things look pretty bleak. In recent weeks, there have been numerous layoffs and plant closings, especially in the automotive industry.

But, at the same time, there are also a lot of positive signs out there that often don’t get the big headlines reserved for “doom and gloom” news. For instance, several major manufacturers have recently announced plans to invest billions of dollars in their U.S. assembly plants: