(FORTUNE Magazine) – According to the closely watched ISM purchasing managers' index, manufacturing activity is at its highest level in two decades. The index, which takes into account both sentiment and activity, rose to 66.2 in December, a level that typically indicates an economy growing at a rate of 8%. While it's highly unlikely that we're growing at that pace right now--most economists believe GDP growth cooled to around 4% by year-end--the number is a long-awaited improvement. Why now? The weaker dollar is helping firms sell more U.S.-made goods abroad, and corporate America has finally started spending after a harsh investment drought. Hey, better late than never.

--Anna Bernasek