• CNN Money et al., Friday, October 16, 2009 3 PM

By now, along with the boy-in-the-hot-air-balloon hoax, you've probably heard that Google's third-quarter earnings beat the street, indicating, as the Times put it, "Consumers are loosening the grip on their wallets and advertisers are trying to get their attention -- at least on the Internet." But, unlike like bubble boy, this is big news, and therefore deserves a second, third, and even fourth look.

The Times, for one, took the news as "the latest sign that the global economy may be on the mend."

"Investors that may have been skittish before, perhaps doubting the resiliency of Google in the recession can now relax," wrote TheNextWeb.com.

Google CEO Eric Schmidt, for his part, felt confident enough to declare the worst of the recession over, before reiterating recent comments to the effect that Google's ready to begin a new phase of investment, hiring and acquisitions.

Explaining that "the company's ad clicks serve as a kind of barometer of consumers' willingness to spend," CNNMoney.com reported that two important indicators of ad market health improved: the number of paid clicks, which include clicks on ads served on Google sites and its partners, and the average amount paid to Google per click. "Both measures improved from the second quarter."

Likewise, wrote Andy Beal on his Marketing Pilgrim blog, "If Google is any litmus test for the state of the US economy, the worst recession in 70+ years is now firmly behind us."

Read the whole story at CNN Money et al. »