STATE OF BUSINESS: A Tricky Time

To explain what is happening to the U.S. economy, the head of the nation's biggest retail firm last week used an old phrase: "rolling adjustment." The adjustment, said Charles H. Kellstadt, chairman of Sears, Roebuck & Co., is "more severe than anything since 1946.'' He predicted that it will last until spring but steadfastly declined to call it a recession. Said he: "I don't know exactly what they mean by a recession, but whatever a recession is. we're not in one now." Sears certainly is not: its sales are expected to rise 5% for the current...

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