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National Economic Recovery Tied to Rise in Business Spending, Experts Say.

The Record (Hackensack, NJ)

| August 10, 2002 | COPYRIGHT 2002 The Record. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Rob Douthit

Aug. 10--Until recently, government and business leaders have said stock investors seemed oblivious to the economic recovery.

Some economists shared that view.

Consumer spending has mostly stayed strong, exports are rising because the dollar has weakened, and corporate profits are climbing. Job growth has been slow, but the housing market has been robust, with real estate proving to be a great investment these days.

Additionally, low inflation and interest rates persist, which would also signal economic recovery.

But a key element, business capital spending, has been lacking.

"It certainly has fallen short of what you would see in a stronger economy," said Bernita Kennedy, an economist with Bank of America. "We're seeing plenty of signs that activity will pick up, but it's been that way for a while and doesn't seem to deliver."

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