The Bush Administration and many economists contend that the long economic downturn is coming to an end, but with a recovery like this, who needs a recession? Statistics released last week indicate that if a turnaround has begun, it has done so with remarkable subtlety:
-- The government's revised estimate of economic output during the second quarter showed a 0.5% drop, the third consecutive decline.
-- Sales of existing single-family homes fell 2.1% in August compared with July.
-- Consumer confidence was down for the third month in a row, according to the Conference Board, a research group.
-- The number...