One of the more amazing graphs I have seen is the graph of operating cash flows of the S&P 500. 

Operating cash flows are the cash flows from operations derived from the upper third of the Statement of Cash Flows.  It includes profits, depreciation, changes in working capital, changes in deferred taxes, non-cash charges to profits, and other operating items.  It does not include investing cash flows such as capital expenditures, nor cash flows from financing operations.

Amazingly, at least to me, operating cash flows are higher than before the recession began.

This is primarily because companies have laid off workers and worked down inventories.

It also means that if sales start growing, profit growth could be very strong.  It also could mean that hiring will pick up faster than we - including me - expect.