STATE OF BUSINESS: A Nudge on the Turn

After months of recession, U.S. business had finally hit bottom and started to climb once more. Leading indicators edged upward, farmers were entering a new period of prosperity, the all-important U.S. consumer was beginning to regain his appetite (see below). As business gathered new momentum, the events in Lebanon and Iraq would surely introduce a new influence. The expected effect: an additional nudge forward.

Few businessmen expect the crisis to trigger a vast, Korea-like boom with accompanying inflationary spiral. Lebanon is not Korea; the U.S. is not in a war, and the Government is making no hasty plans for...

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