Business: Slight Slowing of the Recovery

The pace of the U.S. economic recovery is slowing a little, after an unsustainable early burst. Last week the Government reported that its index of leading indicators—statistics that foreshadow trends in the economy—dropped in October for the second month in a row. That was the first two-month decline since early 1975, and together with earlier reports showing a rise in unemployment and an acceleration of inflation in October, it suggested a disquieting pattern.

That pattern, however, is somewhat deceiving. The index of leading indicators was depressed by a decline in the nation's money supply during October. But money supply grew rapidly again...

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