Business: First Look at '71: A Slow Climb Back

BY now, economists generally agree that U.S. business is coming out of its long downturn—but how quickly is it likely to bounce back? TIME editors posed that question last week to the eight experts on the magazine's Board of Economists (see box). Their answers were remarkably similar. Walter Heller summed up: "The U.S. is beginning a long, slow climb back to full employment." The outlook, he said, is for "progress, but stagnancy." All the other members of the board basically concur. They foresee only small rises in production and profits next year, and predict a gradual lessening of inflation. The budget...