During the chill days of late winter, the U.S. economy slowed so sharply that some experts feared a new recession might be under way. Summer officially arrived last week, and the 30-month-old recovery seemed in much improved health. The latest economic indicators showed that business activity is finally picking up. A drop in the prime rate gave promise of further growth ahead. Said Charles Schultze, the chief economic adviser to President Carter: "The decline in interest rates will help stimulate the economy. I think it will be successful in keeping us out of a recession."
The Commerce Department reported particularly good...
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