Economy in recovery? Not so fast

NEW YORK (CNNMoney) -- Employers are hiring, manufacturing is revving up and stocks are rallying. It looks like the recovery could finally be taking hold.

Sound familiar?

The recent momentum of the American recovery feels a lot like early 2011, when many of the same green shoots were driving optimism.

But things went awry last spring when oil prices starting rising and Japan's earthquake sent economic shockwaves rippling throughout the world. The European financial crisis escalated and the debt ceiling debate in the United States weighed on confidence.

By June, even Federal Reserve Chairman Ben Bernanke was admitting the economy was hitting a "soft patch."

Are we finally on the path to a sustained recovery,...