STATE OF BUSINESS: On the Beach

The economic reports that flow from the nation's banks are rarely distinguished for what Will Rogers called "plain talk-in'," often seem to have been written in a soundproof room full of adding machines. Last week readers of the monthly Business Review of the Federal Reserve Bank of Philadelphia got a pleasant surprise. In a report on "The Business Outlook," Economist John R. Bunting Jr. took off after those who believe that another recession is either on the way or inevitable. "The national mood," said Bunting, "is changing. The cycle doesn't have to repeat itself. This time, after level, why...

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