As the stock market corrected for much of last week and so far this week, some investors are worried that economic growth is slowing.

Those fears are off base, says Wall Street Journal columnist E.S. Browning. GDP expanded 4.6 percent in the second quarter, and many analysts anticipate growth of at least 3 percent for the second half of the year.

"There seems to be this lingering doubt" about whether the U.S. economy is truly rebounding, Jim Dunigan, chief investment officer at PNC Wealth Management, told Browning. "They are probably worrying about the wrong thing. . . . The U.S. is recovering and we are on a trajectory that will let us continue to recover."

To be sure, investors may be shedding their doubts in the wake of Friday's September jobs report. Non-farm payrolls rose a bigger-than-expected 248,000, and the unemployment rate fell to a six-year low of 5.9 percent.

Northern Trust forecasts growth of 2 to 3 percent for the next several years. The U.S. is on a path of modest economic recovery, Bob Browne, the bank's chief investment officer, told Browning.

"But that is good for the market. It keeps interest rates low and earnings growing."

James Rickards, a portfolio manager at West Shore Group and a partner in Tangent Capital Partners, doesn't share that enthusiasm. He's pessimistic not just about the U.S. economy, but others as well.

"This is a global depression," he told RT news service. "It started in 2007, and it is going to continue indefinitely. Depressions are structural, monetary solutions are cyclical. You cannot solve a structural problem with a cyclical remedy. Monetary policy will not work."

Related Stories:

• Treasury's Lew: Economy 'Moving Strongly in the Right Direction'
• Greenspan: 'Economy's Outlook Isn't Good' Until Productivity Improves