Economy: A Flashing Yellow Light

In this Orwellian year of 1984, bad news can be good news, at least where the economy is concerned. The Commerce Department announced last week that the index of leading economic indicators dipped .8% in July after falling 1.3% in June. The report marked the first time since early 1982 that the closely watched barometer of future economic activity has dropped in two consecutive months, and thus suggested that the economy is slowing. Ordinarily, that would be a danger signal, but the White House welcomed the Commerce announcement as a sign that moderating growth will encourage interest...

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