THE RECOVERY: More Sweet and Sour Signs

Although the impact of still higher fuel prices in the economy will remain unclear for some time, indications are mounting that the long-awaited recovery is arriving sooner and snappier than many forecasts had predicted. Last week the Commerce Department reported that its index of leading indicators, which foretell the future direction of the economy, was up substantially in July for the fifth straight month. Meanwhile, the Labor Department announced revised figures showing a 5.8% rise during the April-June quarter in productivity in private non-farm sector jobs, which is vital to corporate...

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