Perhaps the best characterization of the current bend in the business cycle came last week from a top Washington economist: ''This was an inventory recession, and so far it looks like an inventory recovery." The recession had certainly started with inventory reduction, and the earlier than expected recovery this spring was set in motion by a modest return to stockpile buying. But what bothers economists now is the growing conviction that inventories are up about as far as they are going to go because of the businessmen's new drive to keep stocks in closer balance with sales (TIME, June 9).
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